* Raises LIH, AIH stakes to 35 pct from 20 pct
* Strong performance since initial stakes bought in 2012
* Sees growth in e-commerce in Africa, Latin America
STOCKHOLM, March 5 Emerging markets telecoms
group Millicom said on Tuesday it would take up an
option to raise its stakes in two online service ventures in
Latin America and Africa as it seeks to boost growth from
e-commerce in developing nations.
After years of rapid expansion, Sweden's Millicom has
shifted focus from acquiring new subscribers to selling
money-spinning services like cash transfer and cable TV to
As part of that strategy, it said it would boost its
ownership of online and e-commerce ventures Latin America
Internet Holdings and Africa Internet Holdings to 35 percent
from the 20 it bought in 2012 from venture partner Rocket
"Sooner than we thought, our joint ventures in Africa and
Latin America have achieved leading positions in key segments of
the growing online market," Millicom president and chief
executive Hans-Holger Albrecht said in a statement.
It said that its Jumia e-commerce operation was a leading
site in Nigeria, Morocco and Egypt.
It said that it would invest 85 million euros in the
operations via a cash injection.
"As a consequence of the accelerated investments, the higher
end of the previously-communicated outlook for 2013 revenue
growth and EBITDA investments for the Online division should be
expected," it added, sticking to other financial targets.
Rocket Internet is partly owned by Millicom's biggest owner,
holding company Kinnevik.
($1 = 0.7687 euros)
(Reporting by Anna Ringstrom, editing by Patrick Lannin)