OPINION ABOUT: Millicom International Cellular SA is a global telecommunications company with mobile telephony operations. Headquartered in Luxembourg Millicom’s subsidiaries operate exclusively in emerging markets in Africa (16.7% of ttm revenues) and Latin America (Central America, 40.7%; South America, 42.7%). It operates into four segments: Mobile Financial Services (money transfer, bill payments, merchant payments, other services); E-Commerce and Online services (online shopping, market place, classifieds, other online services); Mobile (Mobile voice and data, SMS, Value Added Services essentially under the brand name Tigo); Cable & Digital Media (fixed voice, broadband services and Pay-TV, including premium content, in cable and broadcast businesses). Contribution to recurring revenue growth in the year 2013 by category was: Mobile 47%, Online 26%, MFS 14%, Cable & Digital Media 13%.

Reference date: November 2014.