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Press release

Published: 11 October 2018

11 October 2018 – Net1 International Holdings AS (Net1 International) has today been approved and registered for listing at NOTC, the Norwegian marketplace for unlisted shares.

Net1 International (previously ice group International) is the result of the de-merger of ice group’s South East Asian assets. The de-merger was made effective on 4 September 2018.

Today, Net1 International consists of operations in Indonesia and the Philippines. The company’s strategy focuses on providing mobile data and building complementary networks to largely provide internet access to customers in suburban and rural areas where existing internet access is poor or non-existent.

Net1 has invested in two operations which hold the only nationwide 4G licenses for the 450 MHz bands in Indonesia and the Philippines respectively, as well as 3.5Ghz (20Mhz) spectrum in the Philippines. Both networks are in heavily populated markets with low fixed line internet penetration in rural areas, and topographies where low frequency bands can be particularly effective. The population density in suburban and urban areas in the Philippines, meanwhile, provides a strong opportunity to utilise the bandwidth available under the 3.5Ghz frequency.

“We aim to utilise our experience from supplying mobile data network services across the mature Scandinavia region to build up a presence in Indonesia and the Philippines, which are both fast-growing emerging markets,” says JD Fouchard, newly appointed chairman of Net1 International.

Linus Jönsson, CEO of Net1 International, adds:

“Our ambition is to deliver broadband connectivity at an affordable price, while simultaneously creating future-proof networks with room for growth. We will do this by building 4G LTE networks with coverage and capacity, which are able to deliver nationwide 4G LTE services, and therefore create the perfect platform for large countries with diffused populations such as Indonesia and the Philippines.”


In Indonesia, Net1 International operates under the Net1 brand, in cooperation with local partner Sampoerna Telekomunikasi Indonesia (STI). It has a perpetual license for 2 x 7.5 MHz in the 450 MHz band, which constitutes 15 percent market share of spectrum below 1 GHz. To date, the company has installed close to 600 base stations. Thanks to the propagation benefits of its frequency, Net1’s network already covers over 120m people in Indonesia. The majority of the sites are deployed in the islands of Java and Sumatra. It launched its mobile broadband product in the first half of 2018 and has already attracted approximately 25,000 high ARPU subscribers.

Indonesia is the world’s fourth most populous country with a population of almost 261 million spread across more than 14,000 thousand islands. The country has a fixed internet line penetration of 1.9 percent.

The Philippines

Net1 International has invested in Broadband Everywhere. The company holds the exclusive and perpetual rights to 2 x 7.5 MHz in the 450 MHz band and 20 MHz in the 3.5Ghz band. The business is still in the start-up phase, having installed approximately 50 LTE sites on the 450 MHz and 3.5GHz band, providing coverage and capacity in suburban and metro areas. We intend to expand our footprint in the coming year.

The Philippines has a population of approximately 104 million people and consists of 7,107 islands with a total land area of 300,000 square kilometres. Fixed line internet penetration is at 5.5 percent.

Board of directors

JD Fouchard has been appointed chairman of the board of Net1 International. Mr Fouchard was CEO of ice group from 2011 to 2018. He played an instrumental role in building up the group’s Norwegian operation and led the group’s expansion into Indonesia and the Philippines. Mr Fouchard has been on the board of directors of both Net1 Indonesia and Broadband Everywhere for the past few years.

Mr Fouchard is joined at the board of directors by Hans-Holger Albrecht (chairman of ice group, CEO of Deezer, former CEO of Modern Times Group and Millicom) and Trygve Laudal (investment director at Rasmussengruppen AS). A forthcoming extraordinary general meeting will elect a further member to the board of directors.

Executive management team

The board of directors has appointed Linus Jönsson as CEO of Net1 International. Mr Jönsson was previously CEO of Net1 Sweden which he joined in October 2012. Under Linus´ leadership, Net1 Sweden operated profitably in one of the world’s most competitive telecoms markets. Prior to Net1, Linus worked for 7 years at Netgear International, last years as Managing Director of the EMEA region.

Amit Vithlani has been appointed CFO of Net1 International. Mr. Vithlani has spent a number of years in the telecoms industry, in various roles at various operators. He joined ice group as a C-suite advisor in 2017 and worked on a number of financing projects for the group. Prior to joining ice group, he was executive head of corporate finance at South Africa’s no. 3 mobile operator, Cell C, for several years.

NOTC listing today

Net1 International has been approved for listing at NOTC and will begin trading today under the ticker symbol “NET1”.  The company’s nominal share capital is NOK 138,951,985.50 divided into 154,391,095 issued shares with a nominal par value of NOK 0.9 per share. Pareto assisted and provided advice to Net1 International for the NOTC listing.

For more information, see the enclosed company presentation or


For further information, please contact:

Investors: Amit Vithlani at email:

Media: Endre Aaberg Johansen at Corporate Communications AS: tel +47 41 61 06 05, email:

Download Net1 International presentation for NOTC

Download Press Release

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