Friday, April 26, 2019 3:31:27 PM
Upco’s wholesale business is currently concentrated in the European Union (“EU”), with 91% of the company’s revenues in FY2017 coming from the region. This proved to be a point of weakness for the company, as revenues in FY2017 declined sharply due to new regulations in the EU that introduced a wholesale price cap on international roaming minutes.
As per the new regulations enforced by the European Commission, which were adopted across the EU on June 15, 2017, voice call minute charges were capped at 3.2 cents per minute, and 1 cent per SMS.
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