Kenya-based wireless operator Safaricom intends to raise $154 million in phases over fiscal year 2009-10 to fund its network expan sion plans.

Kenya-based wireless operator Safaricom intends to raise $154 million in phases over fiscal year 2009-10 to fund its network expansion plans. In the first phase, the company plans to raise $64 million through a corporate bond issue. The funds will be used to upgrade Safaricom’s network and roll out new services.