DAAR Communications is set to join the league of quoted companies, as it floats offers for subscription and sale preparatory to its listing on the Nigerian Stock Exchange

By Clement Oriloye

Founder of DAAR Communications plc, Chief Raymond Aleogho Dokpesi, Monday last  week concretised arrangements to take the broadcasting firm to the league of quoted companies. DAAR Communications operates African International Television, AIT, and Raypower 100.5 FM, its radio arm.

Last week, at the completion board meeting that formally kicked off the offer intention, Dokpesi disclosed that DAAR Communications is seeking to raise over N8.75 billion through an offer for subscription, while DAAR Investment and Holding Company Limited is looking for N4.61 billion via an offer for sale. As a consequence, the company will transform from a private limited status to that of a public limited company.

The offer, which opens on Monday 25 February, has an estimated net proceeds of N8.755 billion after deducting the cost of the offer, put at 4.29 per cent of gross proceeds.

The offer proceeds will be utilised on expansion (local and international), which will gulp 5.25 per cent; completion of 11 new stations and construction of a film village, 5.94 per cent; upgrading of existing facilities, 6.94 per cent; procurement of programme content, 12.96 per cent; programmes and digital satellite system, 6.48 per cent and working capital requirement 62.42 per cent.

For full details, demand the 25th, February 2008 issue of TheNEWS from your vendor now.

Foreign Operations: UK/EUROPE AGENT
Jay Magazines & Newspaper Distribution
Unit 21 Brockley Cross
Business Centre,
96 Endwell Road, London SE42PD
Contact: Julie Ugbowanko
Tel:020-7635-8888,07976-628-251
Fax: 0207-635-5568
E-Mail: Jaymags@aol.com
Website: www.jaymags.com

QUALITY NETWORK SERVICES
Unit 9, Meridian Centre, 258 Kingsland Road, London E8 4DG
Contact: Abiola Fatai
Tel: 0208 525 1689, 0207 254 0371,  0956413 293
E-mail: fataiabiola2000@yahoo.com