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Actual for You - Nigerian Corporation Transcorp Explains Relationship With British Telecom
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“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp
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Transcorp acquired a 51 per cent stake in NITEL last year under the privatisation exercise handled by the Bureau of Public Enterprises.
However, there were reports that BT had pulled out, citing unavailability of working capital to turn around the telecoms firms and the lack of adherence to corporate governance principles.
But, the Head of Corporate Affairs, Transcorp, Mr. Adedayo Ojo, said in a statement in Lagos on Tuesday, that it was the first phase of the agreement with BT that had been concluded.
He said that BT representative and Managing Director of Mtel, Mr. John Weir, had not been relieved of his post by the Board of Mtel.
He said, “That stage basically covered the diagnostics and evaluation of the state of affairs in NITEL and Mtel.
“However, both BT and Transcorp are still in negotiations regarding a longer term agreement. Transcorp is also pursuing opportunities to bring in potential strategic investors in NITEL and Mtel.”
According to him, “Transcorp is in the final stages of negotiations with strategic investors and we will issue detailed information as soon as those negotiations are completed and the appropriate regulatory approvals are in place.”
On the subscription level for its recently concluded Initial Public Offering, Ojo explained that there was no basis to say that it was undersubscribed.
“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp a
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But, the Head of Corporate Affairs, Transcorp, Mr. Adedayo Ojo, said in a statement in Lagos on Tuesday, that it was the first phase of the agreement with BT that had been concluded.
He said that BT representative and Managing Director of Mtel, Mr. John Weir, had not been relieved of his post by the Board of Mtel.
He said, “That stage basically covered the diagnostics and evaluation of the state of affairs in NITEL and Mtel.
“However, both BT and Transcorp are still in negotiations regarding a longer term agreement. Transcorp is also pursuing opportunities to bring in potential strategic investors in NITEL and Mtel.”
According to him, “Transcorp is in the final stages of negotiations with strategic investors and we will issue detailed information as soon as those negotiations are completed and the appropriate regulatory approvals are in place.”
On the subscription level for its recently concluded Initial Public Offering, Ojo explained that there was no basis to say that it was undersubscribed.
“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp
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He said that BT representative and Managing Director of Mtel, Mr. John Weir, had not been relieved of his post by the Board of Mtel.
He said, “That stage basically covered the diagnostics and evaluation of the state of affairs in NITEL and Mtel.
“However, both BT and Transcorp are still in negotiations regarding a longer term agreement. Transcorp is also pursuing opportunities to bring in potential strategic investors in NITEL and Mtel.”
According to him, “Transcorp is in the final stages of negotiations with strategic investors and we will issue detailed information as soon as those negotiations are completed and the appropriate regulatory approvals are in place.”
On the subscription level for its recently concluded Initial Public Offering, Ojo explained that there was no basis to say that it was undersubscribed.
“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp
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According to him, “Transcorp is in the final stages of negotiations with strategic investors and we will issue detailed information as soon as those negotiations are completed and the appropriate regulatory approvals are in place.”
On the subscription level for its recently concluded Initial Public Offering, Ojo explained that there was no basis to say that it was undersubscribed.
“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp
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“There is no basis to speculate that an IPO that has recorded more than 250,000 was undersubscribed as the Registrars are still compiling the returns which will need to be approved by the Board of Transcorp and the Securities and Exchange Commission, before the subscription level can be determined and announced,” he said.
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