NatCom Development and Investment Ltd (NatCom) trading as (ntel) is in the process of raising equity capital through a Private Placement, sources familiar with the matter tell Businessday.
Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors.
Ntel commenced commercial operations of its 4G/LTE-Advanced network on 08-04-16 in Lagos and Abuja.
Network services in Port Harcourt are scheduled to commence early in Q4.
NatCom will definitely need the firepower as it projects making investments totaling more than $1 billion by 2020.
Sources tell Business day that the deal is positive and should enable NatCom quickly ramp up its Capex spending.
Investment firm Cardinal Stone Partners Limited has been retained as Financial Advisers and Issuing House to manage the deal, which is scheduled to close by month end, sources say.
No Company official of NatCom was immediately available for comment as Toni Kan Onwordi, Head Corporate Communications was said to be on official assignment in London, U.K.