Nigeria: Daarcomms launches new digital Pay TV channel and will build Film Village with IPO cash
Nigerian broadcaster, Daar Communications Plc, is dreaming of digitised media powerhouse to serve the needs of the continent and beyond, as the company said at the weekend that the bulk of the fund to be generated from its Initial Public Offer (IPO) would be used for migration of its equipment from analogue to digital systems. This is coming as DaarComms plans to introduce a new digitised pay TV operations with 40 channels before the end of the year.
DaarComms commenced its IPO by putting up for sale 960,000,000 ordinary shares, to raise N10 billion deal of 50 kobo each at N5 per share, which would last till the end of March, this year. Daar is primarily involved in broadcasting, telecommunications and allied Multi-media as well as printing and publishing services across the globe.
Reiterating the determination of the board of Daar Communications Plc to enthrone digital communications in its domains of operations globally, its Chairman, Dr. Raymond Dokpesi, said that strategies have reached advanced stage to ensure that few months after the closure of the IPO, implementation would begin in earnest in all installations and stations.
He also outlined other purposes for which the fund would be committed, including completion of the 11 new stations and construction of a film village in the South Western part of the country, upgrading of existing facilities, procurement of programme content, programmes and digital satellite systems as well as working capital requirement.
For the managing director, Daar Communications, Ladi Lawal, the completion board meeting in Lagos at the weekend, was the day the Lord has made, although he was quick to add that it took up to 10 years for the transformation to come to fruition.
Lawal described the share structure as people- friendly because it's just a 'pure water price,' predicting that the DaarComms would be over subscribed. "Africa Independent Television (AIT), RayPower is yours, so you can now own it from Monday February 25 to March 31," he asserted, even as the offer is appealing and would be rewarding.
Lawal disclosed that a new pay TV would soon make its debut with 40 channels, which he tagged the biggest to be established in a sweep on the continent, emphasising that its not just about DaarComms again, but about the African media powerhouse.
(Daily Champion (Lagos), 27 February 2008)