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5. Millicom International Cellular
Millicom International Cellular
Fastest-growing rank: 14
Ticker: MICC

This Luxembourg-based cell phone service provider focuses on Third World regions, where its low-cost Tigo brand has about 34 million subscribers. Millicom gets the bulk of its revenue from Latin America, where it has long-established networks.

But analysts now expect African countries to drive its growth. In recent years Millicom has started to offer service in Rwanda, Tanzania and other less-developed markets. To offer low-priced service and quickly recoup its capital investments, Millicom only builds networks in highly populated areas. Many investors expect more growth as only about 50% of potential customers have cell phones in markets where Millicom operates.

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Last updated August 18 2009: 9:36 AM ET
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