Africa-focused Helios Towers outlined plans to expand its operation further across the continent using part of $450 million in new funds raised earlier this week, Bloomberg reported citing Ethiopia as one of its target markets.

In an interview with the business publication Helios Towers CFO Tom Greenwood said the company was already in talks with potential partners over a move in Ethiopia, where the government is preparing to sell a stake in incumbent Ethio Telecom and issue licences to two new players.

Though the opening of the mobile industry in Ethiopia has been delayed by Covid-19 (coronavirus)-related issues, authorities have reportedly restarted preparations. Greenwood noted the country offers a “very large opportunity” with an estimated 10,000 new towers expected to be needed over the next five years to support market growth.

Other countries it is reportedly assessing include Morocco, Egypt and Madagascar.

Helios Towers raised a total of $750 million earlier this week by issuing new debt: part of this was allocated to paying off some of its existing liabilities and fund expansion plans.

The business currently has assets in Tanzania, Democratic Republic of the Congo, Republic of the Congo, Ghana and South Africa, with almost 7,000 sites owned and operated by Helios Towers across these markets.