Starcomms, Zenith, China Bank Seal N3.1bn Deal
2005-11-20 09:26:45 | Viewed 834 times
NIGERIA'S leading total communications solutions provider, Starcomms Limited, has secured a $23 million (N3.1 billion) long term facility from China's Export-Import Bank.
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The facility, the first of its kind by any non-governmental business organization in Nigeria is to be used for the continued aggressive expansion of Starcomms network across the country. The agreement was facilitated by Huawei Technologies Company Limited, the largest telecoms service solutions provider in China. The terms of the agreement dictate a tripartite financing flow among China Exim Bank, Zenith International Bank Plc and Starcomms. A formal contract signing ceremony was held in Lagos yesterday and was witnessed by top executives of China Exim Bank, Zenith Bank, Huawei, Chinese government and Starcomms. |
Chief operating officer, Starcomms, Mr. Mahar Qubain, expressed delight with the development describing it as a vote of confidence, not only on Starcomms but indeed the Nigerian economy.
Qubain said the fund will be utilized to prosecute an aggressive roll-out programme over the next few months, as well as further strengthen Starcomms current position as the leading total communications solutions provider company in Nigeria.
The chief operating officer hopes to achieve this through the continued provision of innovative communications services that cater to the need of its individuals and corperate customers.
A statement by Huawei at the signing ceremony said "this facility agreement represents the first time Sinosure and China Exim Bank will cooperate to do business with a private corporation in Nigeria.
Partnering with Zenith Bank is also significant as Zenith was recently voted the most respected bank in Nigeria by Pricewater House Coopers.
Starcomms is a leading telecommunications operator in the country.
With some 200,000 subscribers and presence in Lagos, Port Harcourt, and Maiduguri, Starcomms is regarded as the most progressive private telecommunications operators.
Its impressive market performance over the past few years has continued to make it attractive to both investors and financiers.
Earlier this year, the PTO secured a $43 million equity from Actis and Emerging Markets partnership.
In his remarks, Deputy Managing Director of Zenith Bank Plc, Mr Godwin Emefiete described the facility to Starcomms through his bank as the beginning of good business between it and the China Exim Bank. He also expressed confidence in Starcomms ability to effectively service to the loan.
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