Paratus rights issues raises NAD50m to fund infrastructure deployment

Pan-African network connectivity company Paratus Namibia has raised NAD50 million (USD2.76 million) from its principal shareholders Nimbus Infrastructure Limited and Paratus Africa Group in order to continue its infrastructure investment in the country. According to a company press release, Nimbus Infrastructure has subscribed for 24,398 ordinary shares to be issued from the authorised shares of Paratus Namibia, maintaining its 51.4% stake in the company. Paratus Africa CEO Barney Harmse noted that the company’s board has approved a capital expenditure budget of NAD114 million for the current financial year, with NAD56.5 million earmarked for fibre broadband deployment and NAD24.4 million for its LTE network.