Search ITRealms:

Featured post

FG says border drill, boosts rice production, self-sufficiency - ITREALMS

ITREALMS : The Minister of Information and Culture, Alhaji Lai Mohammed, has said the ongoing border drill has largely curbed foreign ri...

Wednesday, September 12, 2007

PNN to establish 105 mobile phone outlets

Value Added Service (VAS) company, the Private Networks Nigeria Limited (PNN), has received 4 million dollars (about N501.4 million) to be used in establishing 105 mobile phone retail outlets nationwide.

The project being funded Aureos West Africa Fund (AWAF) would facilitate expansion of the company’s operational base while increasing its portfolio offerings.

Chief executive, PNN, Alhaji AbdulRahman Abiola-Odunowo, informed that the investment of AWAF in PNN would further position the company in taking leadership position in her four core areas of operations, especially in provision of integrated site maintenance within the nations telecommunications sector, which began in year 2003.

“With this investment, PNN will now be able to expand its capacity to effectively manage between 2,000 and 3,000 BTS within Nigeria and West African sub region,” he said, adding that in the nearest future, PNN tends to offer sales of mobile phones and accessories in the One hundred and Five (105) retail outlets it will be opening during the next 12 months.

Managing Partner of AWAF, Mr. Jacob Kholi, said that the investment in PNN fits well with its portfolio strategy of identifying and investing in companies that have strong fundamentals in their respective industries.

He stressed that the investment will strengthen the company ahead of its competitors to enable it take advantage of the many opportunities in the telecoms services sector and facilitate the generation of good returns to all stakeholders.

Champion Infotel recalls that award winning PNN is a licensee of the Nigerian Communications Commission (NCC) and was set up to provide telecommunications solutions to both business and individual users throughout the country, while focusing on sales and distribution of telecoms products, supply and installation of telecoms equipment, operations and maintenance of Global System for Mobile communications (GSM) and Private Telephone Operators (PTO) facilities, provision of engineering support services and value added services.

Relatively, AWAF is a joint-venture private equity fund between local Nigeria investors and international finance institutions.

AWAF local investors comprised of Standard Chartered Bank Nigeria Limited and Ecobank Nigeria Plc whereas the international investors are CDC Group Plc (UK), Norfund (Norway), European Investment Bank (EIB), Canadian Investment Fund for Africa (CIFA) and Nordic Development Fund (NDF).

ITREALMS Online ... delivering news for ICT4D

No comments: