Wednesday, July 18, 2007

DaarComm shops for N75bn @ capital market

Daar Communications Limited, owners of the first-ever private television station in the country, the African Independent Television (AIT) and RayPower FM stations, has concluded plans to hit the floors of the Nigerian Stock Exchange (NSE) before the end of August this year.

Chairman, Daar Communications, High Chief Raymond Dokpesi, who disclosed this in a chat with Champion Infotel, at the weekend, said that the company would be shopping for N75 billion as its Initial Placement Offer (IPO).

“We intend to raise N75 billion in the IPO,” he declared.

According to Chief Dokpesi, plans have reached advanced stage to ensure that Daar Communications takes its rightful position as a public thrust entity and discharge its responsibilities as such.

Chief Dokpesi stressed that this dream would be achieved before he can now beat his chest and gracefully retire as the chairman of the company.

Daar Communications, he said, have invested intensively to ensure that both the structure and human resource of the company are not left out of convergence reeve taking the broadcasting industry by storm.

Efforts, he said, are being put in place to ensure the successful migration of the broadcast house equipment, so as to make ready for this century competitiveness.
“Every of our equipment is now being migrated to digital platforms,” he said.

He equally said that by going fully into the stock market would provide the company the opportunity of widening its ownership structure in addition to raising the relevant funds to implement the expansion of the company to all parts of the globe.

He described the opportunity of hitting the floor of the stock market as a good omen for all Nigerians of good will and enjoined them to ensure that this opportunity do not pass them by.

Champion Infotel recalls that DAAR Communications was incorporated in August 1988 and prides itself with a successful background in the closely related fields of printing and publishing.

Also, DAAR launched its broadcast services in 1994 with the promotion of Nigeria’s first private independent radio station RayPower 100.5FM, while the second channel RayPower 2 106.5FM began operation in April 1999.

Prior to this, DAAR had launched a 24-hour global television offering with the call sign Africa Independent Television (AIT) with a philosophy geared towards the promotion of African values and traditions of black race globally.

Noteworthy is that at the last quarter of 1999, DAAR Communications introduced its DAAR broadband Internet Services with capacity for voice, internet access, video conferencing, data, telephony and other multi-media capabilities, just as it has over 600 employees across all its operations in Africa, Europe and the United States.

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