Visafone Shops for N30Bn by Private Placement

Visafone Communications Ltd promoted by Jim Ovia, famous banker, has commenced a private placement in order to raise N30 billion, Nigeria CommunicationsWeek investigations can now reveal.
The company, reputed as the fastest growing telecoms company in the country is offering 100,000 units to choice investors at N16.90 per share.
Nigeria CommunicationsWeek learnt that proceeds from the offer would be used to fund base station expansion, fibre backbone, and increase in working capital amongst other things.
The offer which kicked off January 5, 2009 is expected to run through February 6 and has Zenith Capital as the issuing house.
Already, the telecom service provider as reported is eyeing some companies including Harris Stratex to hoist WiMAX for it.
WiMAX is the next-generation of wireless technology designed to enable pervasive, high-speed mobile Internet access to the widest array of devices including notebook PCs, handsets, smartphones, and consumer electronics such as gaming devices, cameras, camcorders, music players and more.
With the move, Visafone, only about 11 months old in the country’s telecom industry will set a pole position as network of choice in terms of quality service, steady increase in subscriber base, increase in coverage areas and many more.
Visafone, a wholly Nigerian owned telecommunications company was incorporated in Nigeria on June 20, 2007 and received its Unified Access Service Licence as a telecom operator from the Nigerian Communications Commission (NCC) on August 1, 2007.
In order to achieve national spread, Visafone acquired Cellcom, Lagos-based telecommunications company and went ahead to acquire Bourdex Telecom, frontline South-East Nigerian telecoms firm as well as ITN, another telecoms company with operational strength in the lucrative Lagos market.
The company presently boasts of services in about 18 states of the federation including 160 cities and towns and an existing installed capacity to support up to 5 million subscribers.
The company is the only telecommunications company presently in Nigeria that has combination of a Unified Access License and 800MHz spectrum across all states and the FCT.
With its Unified Access Service Licence, 800 MHz spectrum and strategic acquisitions, Visafone aims to become the pre-eminent telecom operator in Nigeria by offering seamless and efficient services that will ensure the best clarity and the widest coverage.
The company offers an exciting bouquet of superior telecommunications services that encompass the very best of Voice, High Speed Data (3G), internet and other innovative Value Added Services to individual subscribers while also providing unequalled business solutions to both corporate entities as well as the Small & Medium Scale Enterprises in Nigeria.