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NITEL prepares data room for investors

Posted by Everest Amaefule, Abuja on 2005/08/11 | Views: 351 |

NITEL prepares data room for investors


Ahead of the planned sale of 51 per cent of the Nigerian Telecommunications Limited in September, the company has prepared its data room for potential investors.

Ahead of the planned sale of 51 per cent of the Nigerian Telecommunications Limited in September, the company has prepared its data room for potential investors.

Managing Director of the company, Mr. Albert Mashi, disclosed this in an exclusive interview with our correspondent in Abuja.

Mashi said the information and data that would be necessary for potential investors to evaluate the worth of NITEL, had already been gathered while additional facts were being worked on.

The data room contains such information as financial accounts, assets, debts status and other liabilities, staff strength and projections of the company.

Mashi said, “Our data room is practically ready. Preparing a data room is no longer new to us. We have been through the road before. When the potential investors come, we will provide them the information they need.

“Should they demand for any fact that is not in the data room, there would be people in the place to attend to help them get adequate information from the proper channel.”

Head of Public Communications at the Bureau of Public Enterprises, Mr. Chigbo Anichebe, had earlier said that due diligence would commence immediately after the pre-qualification of potential investors.

The agency had about two weeks ago, released a list of six companies out of the 22 that applied to be considered as core investment in the national telecoms company.

The list includes MTN Nigeria Communications Limited, Telkom/Vodakom Consortium from South Africa, and Huawei/Jacuz Consortium. Others are Orascom of Egypt, Celtel International BV and Newtel International.

Preliminary information on NITEL and its mobile subsidiary, the Mobile Telecommunications Limited and the domestic telecommunications industry, has been sent to the bidders to enable them commence the process of formally evaluating the telecommunications giant, according to the BPE.

The PUNCH, Thursday, August 11, 2005

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