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Thursday, November 01, 2007

Chams to deploy N5bn e-payment terminals

Chams desire to source for N5 billion at the capital market is to facilitate deployment of its ChamAccess service terminals nationwide.

Champion Infotel recalled that just recently, one of the nation’s leading Information Technology (IT) solutions provider, Chams Nigeria Limited, took a decision to shop for N5 billion at the capital market, which was weekend endorsed by the shareholders.

Affirming this development, Chairman of Chams Nigeria Limited, Prof. Adebayo Akinde, at the end of the firm’s Annual General Meeting (AGM) held in Lagos at the weekend, said that fund would be used to boost diffusion of its ChamAccess in the country.

ChamsAccess are multi application terminals used for telephony, recharge voucher vending, Internet access, bill payment, advert, games to name a few.

Prof. Akinde who presented the results of the 2006 financial year and the six months of 2007, added that the firm’s turnover for the year ended December 2006, was N1.095 billion.

Chams, he said, made a profit of N399 million as against N136 million and profit after tax of N21.7m made in the previous year of 2005.

He also said that Chams performance was however very impressive in the current year, where it had recorded a turnover of N3.079 and a profit after tax of N965.9 between January and June 2007.

Based on the company’s performance, the board of directors proposed a dividend of 70 kobo per share.

Additionally, a bonus share issue of four new shares for every share held would be given to all existing shareholders on the company’s register as at close of work on October 24th 2007.

“Such shares will rank pari pasu in all respects with the existing share of the company,” he said, stressing that this largesse was received with great applause and commendation by members of the company.

Akinde and the Chief Executive Officer of Chams Nigeria Limited, Mr. Demola Aladekomo, sought and obtained approval of the members to embark on a private placement shortly.

He equally said shareholders fund have increased to N897.6m after the last private placement that took place in 2006.

He further explained that the terminals have been accepted as a means of payment and transactions, after the proof of concept done in selected locations in Lagos, Abuja, Igbinedion University in Edo state and Obafemi Awolowo University (OAU) in Osun state.

Commenting, Managing Director, Chams, Mr. Aladekomo said, the firm would also set up an electronic payment/transaction switch in the country, just as the firm was part of the success recorded by the nation’s electoral body, the Independent National Electoral Commission (INEC) via the successful printing of over 70 million INEC voters ID card within a period of 12 weeks.

He pointed out that the job could not be successfully accomplished by an international firm, which had earlier won the contract despite of having more than 52 weeks to deliver.

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