December 16, 2007 / Thirsday
Placement documents not yet available to Proshare
a bid to give more Nigerians a sense of belonging, the MTN Group has
launched a Private Placement that will give Nigerian Investors a chance to be
part owners of MTN.
statement made available by the company disclosed that the Placement offer
is part of the process to broaden the ownership of MTN Nigeria
among Nigerian nationals.
initiative according to the statement reaffirms MTN Group’s commitment to
Nigeria and is one of the largest private placements undertaken in Nigeria
by a multinational corporation to enable an increased Nigerian
shareholding, even though the details of the offer was not disclosed because of
its confidential nature. The statement however added that the Private Placement
will be completed during the first quarter of 2008.
Amina Oyagbola, MTN’s Corporate Services Executive, who emphasized MTN’s
commitment to the provision of quality telecoms services to Nigeria reiterated
that in the pursuit of this mission, more than USD1 Billion was allocated by
MTN in 2007 to enable the provision of infrastructure necessary to improve the
added that the amount is in addition to the recent $2billion loan syndication
(about N240 billion) secured from a consortium of banks, to accelerate its
expansion on the MTN Network, she added is currently ongoing at perhaps the
fastest pace ever in the history of Nigeria’s
telecommunications industry, and is unprecedented in Africa . The pace will
continue to improve.
Oyagbola enumerated the huge investments that the company has undertaken in the
last twelve months to ensure that its customers enjoy seamless services in the
near future. She said, in the last six months, we have increased our active
sites to 3,573 from 2,775. She added that 500 base stations across the country
had been upgraded to provide more capacity, whilst security at all its base
stations has been increased to check the menace of vandalization of its
addition, the Board of MTN recently approved an additional USD1.3 Billion to
support network roll out in 2008. The statement disclosed that all equipment
required for 2008 roll out has been procured.
Oyagbola stressed that MTN is mindful of its obligations to its customers and
continues to make all efforts to meet and exceed their expectations by
investing and reinvesting in the country. She added that in the last twelve
months, MTN has hugely invested in the economy to ensure that its customers
enjoy seamless services in the near future.
observed the company achieved its roll out targets, in spite of the practical
difficulties associated with site acquisition, which potentially inhibit
network growth and the dearth of skilled manpower.
also expressed a sense of satisfaction that the company had finally obtained
approval for 47 sites in Abuja after a two year delay, and that MTN is
currently making arrangements to co-locate its facilities in Abuja with other