Strategy

Revenue

Expenditure

M&A

Convergence and operational
evolution

Voice services

Data and related services

ICT evolution

Leverage existing scale and intellectual capacity

	Cost optimisation initiatives
	Procurement transformation project
	Growth of IT shared services initiative
	Infrastructure sharing strategy
	Back office centralisation
	Implementation of hybrid power systems to reduce dependence on diesel

Consolidation and
diversification

	In country
	Changes in local ownership, business model and new licences and spectrum
	Expanding footprint
	Bolt-on standalone opportunities in Africa and the Middle East remain a strategic priority
	Scale and size of opportunity
	Number one or two operator
	Transformation
	Limited number of potential opportunities
	Execution risk high