02 December 2004 - Investcom Holding ('Investcom'), the international telecommunications group, today announces it has been successful in renegotiating a license to operate a GSM mobile telephone network under its Scancom subsidiary in Ghana.

Having operated in Ghana since 1996 under a permission issued by the Government of Ghana, Scancom has now been granted a formal license to operate GSM networks. This award runs for a period of 15 years effective from December 2004 and is renewable for an additional ten years thereafter.

Azmi Mikati, Chief Executive of Investcom, said, "We are delighted with the decision to re-new the GSM license to operate in Ghana. Ghana has been a steady growth market where we have built a robust leadership position with over 60% of the market.

The mobile communications market in Ghana has benefited from early liberalisation and a favourable regulatory environment. Whilst penetration is still relatively low, the provision of prepaid services is supporting increased accessibility to mobile telecommunications. We actively support this and believe that there are still substantial opportunities for growth within the Ghanaian mobile market."

Under the terms of the license Investcom, through its Scancom subsidiary, is required to provide coverage in all regions of the country by the eighth year of the license. It already satisfies maximum coverage requirements under existing operations. Scancom also holds a license to operate an international gateway in Ghana.

Scancom's network in Ghana is currently based on GSM cellular technology which it plans to upgrade to GPRS and Edge Technology in 2005.

There are currently four other mobile operators in Ghana.

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About Investcom
Investcom Holding (Luxembourg) S.A. ('Investcom') is an international telecommunications company with operations in the Middle East, Africa and Europe. As of June 2004, Investcom

provided services to over 1.8 million mobile subscribers. The company operates GSM networks in Benin, Cyprus, Ghana, Guinea-Bissau (under deployment), Liberia, Syria and Yemen, with a combined population under license of more than 70 million. The company also provides carrier voice and data services through its operations in Monaco and the UK.

For more information, contact:
Neil Doyle / Claire Maloney, Capital MS&L on +44 (0) 20 7307 5330 or Neil.Doyle@capitalmsl.com / Claire.Maloney@capitalmsl.com

© Press Release 2005