-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000899140-04-000483.txt : 20040401
<SEC-HEADER>0000899140-04-000483.hdr.sgml : 20040401
<ACCEPTANCE-DATETIME>20040401150403
ACCESSION NUMBER:		0000899140-04-000483
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLICOM INTERNATIONAL CELLULAR SA
		CENTRAL INDEX KEY:			0000912958
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-111779
		FILM NUMBER:		04709261

	BUSINESS ADDRESS:	
		STREET 1:		75 ROUTE DE LONGWY
		STREET 2:		BOX 23 BERTRANGE
		CITY:			GRAND DUCHY OF LUXEN
		STATE:			N4
		ZIP:			L8080
		BUSINESS PHONE:		3524571451
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>m1328715.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT NO. 2
<TEXT>


                                                Filed Pursuant to Rule 424(b)(3)
                                                     Registration No. 333-111779

PROSPECTUS SUPPLEMENT NO. 2
(To Prospectus dated January 26, 2004)

                      MILLICOM INTERNATIONAL CELLULAR S.A.

              $63,531,000 2% SENIOR CONVERTIBLE PIK NOTES DUE 2006

            23,639,108 SHARES OF MILLICOM INTERNATIONAL CELLULAR S.A.
               COMMON STOCK ISSUABLE UPON CONVERSION OF THE NOTES

     This prospectus supplement supplements the prospectus dated January 26,
2004 of Millicom International Cellular S.A., relating to our 2% Senior
Convertible PIK Notes due 2006 and the common stock issuable upon conversion of
the notes. This prospectus supplement should be read in conjunction with the
prospectus. This prospectus supplement is qualified in its entirety by reference
to the prospectus, except to the extent that the information in this prospectus
supplement supersedes the information contained in the prospectus. Capitalized
terms used in this prospectus supplement and not otherwise defined herein have
the meanings specified in the prospectus.

     Investing in the Notes involves risks. See "Risk Factors" beginning on page
14 of the prospectus dated January 26, 2004.

     The table below sets forth additional information concerning beneficial
ownership of the notes and replaces and supercedes the table appearing under the
heading "Selling Securityholders" on pages 84-90 of the prospectus as follows:

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

<S>                                <C>             <C>           <C>            <C>
Wachovia Securities
One New York Plaza
New York, NY 10292
Attention:  Kelly Gordon               13,165,000        20.7%      4,898,604             5.45%
Whitebox Convertible Arbitrage
Partners, LP
3033 Excelsior Blvd., Suite 300
Minnesota, MN  55416
Attention:  Rebecca Lesmeister          8,636,000        13.6%      3,213,396             3.57%
Goldman, Sachs & Co.
295 Chipeta Way, 4th Floor
Salt Lake City, UT 84108
Attention:  Lara DeBry                  6,000,000         9.4%      2,232,560             2.48%
JMG Capital Partners, LP
1999 Avenue of the Stars,
Suite 2530
Los Angeles, CA 90067                   3,261,000         5.1%      1,213,396             1.79%
JMG Triton Offshore Fund, Ltd.
1999 Avenue of the Stars,
Suite 2530
Los Angeles, CA 90067                   3,261,000         5.1%      1,213,396             1.79%
Cerberus Series One Holdings, LLC
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus             2,382,000         3.7%        886,324             1.00%


                                      S-2
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

FHIT-Age High Income Fund
One Franklin Parkway
San Mateo, CA 94403                     2,321,000         3.7%        863,628                 *
Ariel Fund, Ltd
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus             2,224,000         3.5%        827,536                 *
GoldenTree High Yield Master
Fund, Ltd.
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner               2,125,000         3.3%        790,696                 *
Triage Offshore Fund, Ltd.
401 City Avenue, Suite 526
Bala Cynwyd, PA 19004                   1,512,205         2.4%        562,680                 *
Cerberus International, Ltd.
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus             1,346,000         2.1%        500,836                 *
FTIF Franklin High Yield Fund
One Franklin Parkway
San Mateo, CA 94403                     1,200,000         1.9%        446,512                 *
Triage Capital Management L.P.
401 City Avenue, Suite 526
Bala Cynwyd, PA 19004                     874,000         1.4%        325,208                 *
Cerberus Series Two Holdings, LLC
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus               653,000         1.0%        242,976                 *
Pandora Select Partners, LP
3033 Excelsior Blvd., Suite 300
Minnesota, MN  55416
Attention:  Rebecca Lesmeister            550,000            *        204,652                 *
KBC Financial Products USA
Inc. 140 E. 45th Street
2GCT, 42nd Floor
New York, NY 10017
Attention:  Rasheq Rahman                 530,000            *        197,208                 *
Cerberus Partners, L.P.
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus               489,000            *        181,952                 *
Whitebox Hedged High Yield
Partners, LP
3033 Excelsior Blvd., Suite 300
Minnesota, MN  55416
Attention:  Rebecca Lesmeister            435,000            *        161,860                 *


                                      S-3
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

Whitebox Convertible Arbitrage
Partners, LP
3033 Excelsior Blvd., Suite 300
Minnesota, MN  55416
Attention:  Rebecca Lesmeister            433,000            *        161,116                 *
KBC Financial Products USA Inc.
140 East 45th Street, 2GCT,
42nd floor
New York, NY 10017                        393,000            *        146,232                 *
William C. Miller IV
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                        363,000            *        135,068                 *
Montpelier Funds PLC - The
Montpelier Global High Yield Fund
c/o Montpelier Asset Management Ltd.
243 Knightsbridge
London SW7 1DN                                 --           --        133,952                 *
Millennium Partners, L.P.
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus               350,000            *        130,232                 *
Hudson VII
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                        332,000            *        123,536                 *
Arbiter Partners, L.P.
414 East 75th Street, 4th Floor
New York, NY 10021
Attention:  Paul J. Isaac                 326,000            *        121,304                 *
Millicom 2002 GRAT
230 Park Avenue
New York, NY 10169                        326,000            *        121,304                 *
OTA LLC
1 Manhattanville Road
Purchase, NY 10577                        298,000            *        110,884                 *
Franklin Universal Fund
One Franklin Parkway
San Mateo, CA 94403                       287,000            *        106,792                 *
Consulta Emerging Markets Debt
Fund Limited
c/o Montpelier Asset Management
Ltd.
243 Knightsbridge
London SW7 1DN                                 --           --        103,812                 *
Absolute Recovery Hedge Fund LTD
c/o WL Ross & Co. LLC
101 East 52nd Street
New York, NY 10022                        259,000            *         96,372                 *
Bernard Selz INA R/O
230 Park Avenue
New York, NY 10169                        245,000            *         91,164                 *


                                      S-4
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

Ashfield Investments
c/o Montpelier Asset Management
Ltd.
243 Knightsbridge
London SW7 1DN                                 --           --         80,744                 *
Karnak Partners
230 Park Avenue
New York, NY 10169                        179,000            *         66,604                 *
Selz Family Trust
230 Park Avenue
New York, NY 10169                        163,000            *         60,652                 *
Selz Foundation
230 Park Avenue
New York, NY 10169                        163,000            *         60,652                 *
Amber Fund, Ltd.
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus               156,000            *         58,048                 *
Katherine M. Miller
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                        155,000            *         57,676                 *
Absolute Recovery Hedge Fund LP
c/o WL Ross & Co. LLC
101 East 52nd Street
New York, NY 10022                        143,000            *         53,208                 *
FTVIPT Franklin High Income Fund
One Franklin Parkway
San Mateo, CA 94403                       143,000            *         53,208                 *
DB Structured Products, Inc.
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner                 139,000            *         51,720                 *
Cerberus America Series One
Holdings, LLC
299 Park Avenue, 22nd Floor
New York, NY 10171
Attention:  Seth P. Plattus               133,000            *         49,488                 *
Cumberland Partners
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036                        129,000            *         48,000                 *
GoldenTree High Yield Master
Fund II, Ltd.
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner                 123,000            *         45,768                 *


                                       S-5
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

Marjorie S. Isaac w/o
Irving H. Isaac Marital Trust
75 Prospect Avenue
Larchmont, NY  10538
Attention: Paul J. Isaac                  118,000            *         43,908                 *
Senvest International LLC
680 Fifth Avenue
Suite 1300
New York, NY  10019
Attention: Richard Mashaal                114,000            *         42,420                 *
Paul J. Isaac
75 Prospect Avenue
Larchmont, NY  10538                       97,000            *         36,092                 *
Safety National Casualty Corp.
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner                  89,000            *         33,116                 *
Senvest Master Fund LP
680 Fifth Avenue
Suite 1300
New York, NY  10019
Attention: Richard Mashaal                 89,000            *         33,116                 *
JMB Capital Partners, LP
1999 Avenue of the Stars,
Suite 2040
Los Angeles, CA 90067                      81,000            *         30,140                 *
Trafalgar Catalyst Fund
c/o Trafalgar Asset Managers
25 James Street
London W1U 10U                             81,000            *         30,140                 *
Isaac Brothers, LLC
75 Prospect Avenue
Larchmont, NY  10538
Attention: Paul J. Isaac                   80,000            *         29,768                 *
William C. Miller IRA Rollover #2
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         73,000            *         27,164                 *
Franklin Multi-Income Fund
One Franklin Parkway
San Mateo, CA 94403                        71,000            *         26,420                 *
Walter Scott Newhall
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         57,000            *         21,280                 *
William C. Miller IRA Rollover
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         53,000            *         19,720                 *


                                      S-6
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

Alpha US Sub Fund II, LLC
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner                  50,000            *         18,604                 *
Cumberland Benchmarked
Partners L.P.
c/o Cumberland Associates LLC
1114 Avenue of the Americas
38th Floor
New York, NY 10036                         48,000            *         17,860                 *
Peter M. Miller
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         32,000            *         11,908                 *
LongView Partners B, L.P.
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036                         29,000            *         10,792                 *
Cumber International S.A.
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036                         26,000            *          9,676                 *
Delphi Financial Group
GoldenTree Asset Management
200 Park Avenue, 20th Floor
New York, NY 10022
Attention:  Brenan Hefner                  22,000            *          8,188                 *
IRA FBO Gerald D. Reilly
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         22,000            *          8,188                 *
Bernard Selz
230 Park Avenue
New York, NY 10169                         20,000            *          7,440                 *
Robert Levenstein
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         16,000            *          5,952                 *
John W. Elting
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         16,000            *          5,952                 *
E. Tucker Miller
c/o JM Hartwell LP
New York, NY                               16,000            *          5,952                 *
PFIP Seymour Pluchenik
c/o Diaco International
1271 Avenue of the Americas
New York, NY 10020                         16,000            *          5,952                 *


                                      S-7
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

Steven F. Seidman
445 Highbrook Ave.
Pelham, NY 10803                           16,000            *          5,952                 *
Peter Press IRA
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                         12,000            *          4,464                 *
Anthony Thomas Constantino
880 Carillon Parkway
St. Petersburg, FL 33716
Attention:  Mark Rivera                     8,000            *          2,976                 *
Korman Investments LP
2216 N. Dixie Highway
Boca Raton, FL 33431                        8,000            *          2,976                 *
Carolyn M. Knutson IRA
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                          8,000            *          2,976                 *
J.M. Hartwell Retirement Trust
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                          8,000            *          2,976                 *
Katherine M. Miller #2
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                          8,000            *          2,976                 *
Delta Associates Limited
Partnership
c/o Cumberland Associates LLC
1114 Avenue of the Americas
38th Floor
New York, NY 10036                          4,000            *          1,488                 *
Sphinx Long/Short Equity Fund
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036                          4,000            *          1,488                 *
Quail Hill Foundation
c/o J.M. Hartwell L.P.
515 Madison Avenue, 31st Floor
New York, NY 10022                          4,000            *          1,488                 *
Pioneer Investments
60 State Street
Boston, MA 02109                            3,000            *          1,116                 *
Sphinx Long/Short Equity Fund
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036
Attention:  Barry Konig                     3,000            *          1,116                 *
D + J Holdings
20770 West Dixie Highway
Aventura, FL  33180
Attention: David Messinger                  2,000            *            744                 *
Fred H. Beshears
880 Carillon Parkway
St. Petersburg, FL 33716
Attention:  Mark Rivera                     2,000            *            744                 *


                                      S-8
<PAGE>

- -----------------------------------------------------------------------------------------------
                                   Principal
                                   Amount of
                                   Notes                                        Percentage
                                   Beneficially    Percentage    Common Stock   of Shares of
Name and Address of                Owned and       of Notes      Beneficially   Common Stock
Selling Securityholder             Offered Hereby  Outstanding   Owned (1)(2)   Outstanding (3)
- ---------------------------------- --------------- ------------- -------------- ---------------

BT Pyramid High Yield
150 South Independence Square, West
Suite 726
Philadelphia, PA 19106                      1,000            *            372                 *
Shepherd Foundation
c/o Cumberland Associates LLC
1114 Avenue of the Americas,
38th Floor
New York, NY 10036                          1,000            *            372                 *

Total                                  57,610,205        90.7%     21,436,356             23.8%
- ----------

(1)  Assumes conversion of all of the selling securityholder's Notes at a conversion rate of
     $2.6875 per each $1,000 principal amount of Notes (rounded down to the nearest whole share
     of common stock), to reflect the 4-1 stock split effective as of February 20, 2004.

(2)  Assumes that Notes held by other holders are not converted.

(3)  Calculated based on Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934 using
     66,319,940 common shares outstanding as of December 31, 2003. In calculating this amount
     for each particular holder, we treated as outstanding the number of common shares issuable
     upon conversion of all of such particular holder's notes, but we did not assume conversion
     of any other holders' notes.
</TABLE>

* Less than 1%

     The information contained in this prospectus supplement regarding the
selling securityholders has been prepared from information given to us by those
selling securityholders on or prior to the date of this prospectus supplement.
Information concerning the selling securityholders may change from time to time
and any changed information will be set forth in prospectus supplements if and
when necessary.

     Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.

            The date of this prospectus supplement is April 1, 2004.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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