Starcomms seeks cash boost from private placement

30 Apr 2008

BusinessDay, a local business daily newspaper, reports that Starcomms is seeking to raise NGN30.4 billion (USD260 million) via private placement. The operator hopes that by selling an as yet unspecified stake it will generate enough cash to expand its network coverage from the current eleven cities to 31 by the end of 2008, as well as increasing capacity in locations already covered. According to TeleGeography’s GlobalComms database, Starcomms’ CDMA-based fixed-wireless network claimed a million subscribers at the end of 2007, more than double the figure of twelve months earlier.

For more information on TeleGeography’s GlobalComms database, visit:

http://www.telegeography.com/products/global_comms/index.php

Nigeria, Capcom Telecoms (formerly Starcomms)