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Reltel to raise N30bn, heads for capital market

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Reltel Wireless, one of the CDMA operators in Nigeria, has said it is set to give Nigerians an opportunity to be part of good things happening in the country’s telecom sector as it plans to raise N30 billion through private placement.

 

Mr Kenneth Aigbinode, Executive Vice Chairman, Reltel, who revealed this at a media parley over the weekend in Lagos, stated that the company would be listed on the floor of the Nigerian Stock Exchange by the end of 2008.

 

He said that the company would not go the way of other CDMA operators that have been acquired by some core investors.

 

“It is not time yet to sell out to core investors. We want Nigerians first to be part of the good things happening in the telecom sector. Later, core investors can come in”, he said.

 

He promised that the private placement this time round would not be like the previous experience as 100 per cent of the funds realised through it would be invested in the network.

 

He said that Reltel network was now live in about 17 cities of Nigeria and that eight would be added in the next one month.

 

He stated that the plan of the company is to make the list 51 by the end of December, 2008. - Tribune

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