RELTEL WILL OFFER N14 BILLION OFFERING ON NIGERIAN STOCK EXCHANGE

Mergers, Acquisitions and Financial Results

Reliance Telecommunications Limited (RELTEL's) plan to offer N14 Billion to the public has started attracting the interest of capital market experts and leading financial institutions who are jostling for positions in the project team.

The Managing Director of RELTEL, Tony Okonkwo, who confirmed the development in Lagos last week, said that the N14 billion offer to the public would take off in July

He said that this bid has placed its doors to deserving members of the public to partner with the company, "adding that RELTEL was only continuing its well worn tradition of charting new paths for general public good just as we did with the revolutionary price crash of telephones in 2001 leading to industry-wide ripple effect that persists till today"

According to him, RELTEL had already covered 16 states of the federation of it is expansion drive with transition, engineering and civil works reaching over 90 percent completion.

Okonkwo said that RELTEL would continue to set the price in the drive to offer good services to telephone subscribers in the country. That is why we are spreading very fast and very far- to ensure total coverage of the country and to give the economic and social values that we are known for"

Recently, RELTEL signed a management agreement with SWEDTEL, a Swedish company which is expected to manage the operations of RELTEL. The foreign telecom business builder is expected to use its wealth of its experience to reposition RELTEL's network for a more qualitative and efficient service delivery.

The Reltel Chief Executive said that SWEDTEL's team of experts had already visited Nigeria for the preliminary phase of the implementation experts as having world class record in building and managing telecommunication networks around the globe, citing Greece, Lithuania and Oman as some of the countries where SWEDTEL had registered outstanding successes in network expansion management, turn-around and profitability engineering.

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