Shareholders inject N1,7 bn in Starcomms

By Remmy Nweke

SHAREHOLDERS of the leading telecommunications company, Starcomms Limited has injected additional $14 million, about N1,793,890,000 billion, as Foreign Direct Investment (FDI) into the firm.

This is coming after a year Starcomms’ shareholders had invested estimated $42 million in January 2005.

Chief Executive of Starcomms, Mr. Maher Qubain said the injection would enable the company to embark on aggressive marketing and expansion across all the states where it has operations.

The expansion plan would include Lagos, Abuja and Port Harcourt among others.

“We are trying to double capacity in Lagos, Abuja and Port Harcourt, even as more base stations are expected to be announced soon,” he declared.

According to him, significant investment has been made in the company by its investors and the management is not leaving any stone unturned in ensuring adequate delivery of quality services.

The shareholders at the occasion was represented by Mr. Hywel Rees-Jones of Actis Nigeria Limited, said that they are satisfied with the level of roll-out development by the company and that is more reason the shareholders decided to inject more fund into the telco.

This, he said, would help Starcomms to continue making stride in its innovative services to the Nigerian people.

“The facility is to further boost Starcomms presence in the country,” he asserted.

Equally commenting, the chairman, Starcomms board of directors, Chief Maan Lababidi, noted that the capital injection demonstrated that the new investors who came on board in 2005 had full confidence in both the management of the telco and development of telecommunications sector in the country.

This gives credence to the sector’s recognition as one of the fastest growing market in the world.

Starcomms already has operations in Lagos, Kano, Maiduguri and Port Harcourt with over 300,000 active subscribers, even as the firm plans to enter more states before the end of this year.

Founded in 1996, Starcomms Limited, a privately held company is supported as shareholders by the Agro Industrial Investment and Development S.A. (AIID), Actis and EMP Africa Management LP.

AIID, an investment company with interest in telecommunications and hotels across the continent and Middle East, has immense interest in Africa.

Another shareholder, Actis, has over 55 years experience in investment in emerging market with particular interest in Africa, China, Malaysia and South Asia. Actis has over currently over $3.0 billion in funds under management.

While the EMP is a leading private equity fund manager targeting Africa and manages currently four private equity funds to the tune of $730 million committed capital. Short URLs: goo.gl, mcaf.ee, cli.gs