In March 2007, GEMS, together with a consortium of financial and strategic investors, invested over US$100 million in NZ Communications Limited ("NZC" or the "Company"), a newly formed GSM-UMTS mobile operator in New Zealand.

With strong support from the New Zealand government to introduce competition to the existing duopoly market, the Company, together with its technology partner, Huawei Technologies, is in the process of rolling out a state-of-the-art GSM-UMTS network, initially to cover more populated major cities and later to rural areas to provide nation- wide network coverage.

NZC’s strategy is to position itself as the budget, innovative, and high quality mobile service provider in New Zealand. GEMS investment and expertise in the telecommunications industry has provided NZC with a strong financial platform and access to world-class management to succeed in the competitive New Zealand market.

Within one year of making the investment, GEMS has sold down part of its interest to a new strategic partner, Trilogy International Partners, LLC, (“Trilogy”), an investment company, which specializes in mobile communications operations and currently operates mobile companies in Bolivia, Haiti and the Dominican Republic.

GEMS and Trilogy currently jointly controls NZC.