Strengthening our Leadership in Central America


Millicom Chief Executive Officer Mauricio Ramos commented:

The third quarter of 2019 marked several important milestones for Millicom. First, we strengthened our position as the leading telecommunications operator in Panama by closing our acquisition of the largest mobile operator in the country. We are now focused on extracting the synergies we have targeted. Second, we added a record 99,000 customer relationships to our HFC network, lifting penetration rates, which is key to accelerating our cash flow growth over time.

Since the beginning of 2019, some of our markets have experienced a slowdown in economic activity, which has adversely affected our prepaid mobile and B2B businesses in particular, while competition in prepaid mobile has intensified in some countries. As a result, revenue and EBITDA growth was below our expectations in the quarter and year-to-date. Although I am disappointed by these headline results in Q3, our strategy remains intact, and we continued to deliver robust performance in both postpaid mobile and residential cable. Organic OCF growth was in line with our plans in the quarter, and I remain as confident as ever in our ability to continue to accelerate organic OCF growth over the medium term.

During the quarter, Millicom's largest shareholder, Kinnevik, announced plans to distribute its 37.2% ownership stake in Millicom to its own shareholders later this year. We look forward to welcoming many new shareholders to Tigo and expect that this distribution will increase the liquidity of our shares over time."

Spotlight on our markets: Millicom invests to become the clear market leader in Panama and Central America

In this latest addition to our quarterly results video series, we invite you to take a closer look at the event held in Panama City with employees, customers, and government representatives. Millicom is highly committed to continuing investing in Central America, as it has been doing in South America. In the specific case of Panama, TIGO has invested more than $2 billion in the country in the past year with the acquisitions of Cable Onda and Movistar and plans to invest an additional $750 million in the country over the next 5 years.

During this event, CEO Mauricio Ramos presented a vision of the opportunities and potential that 5G networks will bring to the country by showcasing the first-ever holographic call in Panama and in Latin America, with professional soccer player Jaime Penedo, in the presence of his Excellency Mr. Laurentino Cortizo Cohen, President of the Republic of Panama, and in association with Ericsson, presenting a milestone in the history of telecommunications in Latin America.

Millicom is now positioned as the clear telecommunications market leader in Panama and Central America. The company has already completed its acquisitions in Nicaragua and Panama and expects to complete the Costa Rican acquisition in the near term.

We invite you to be part of our history by watching the video. Enjoy!

Also see:  

Quarterly Series   Multimedia (VIDEO) 
 Q2 - 2019  Tigo Expansion of B2B Data Centers in LATAM
 Q1 - 2019  Tigo Nicaragua - Our Culture
 Q4 - 2018  Discover Sangre Tigo
 Q3 - 2018  Cable Onda - Panamá