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Daar Group Seeks Funds From Capital Market
to Expand Operations
Daar Communications Ltd, owners and operators of Raypower FM radios and
Africa Independent Television (AIT) has gone to the Nigeria capital
market to seek for funds to expand its operations. The group was
recently granted two new broadcast licences: a Direct To Home
(Satellite) Licence, and a Network Licence to undertake the broadcast of
Radio and Television programmes across Nigeria by President Umaru Musa
Yar'adua.
Mr. Yomi Bolarinwa, the Acting Director General of the National
Broadcasting Commission (NBC) who presented the letters of approval to
Chief Aleogho Raymond Dokpesi,
the Chairman Chief Executive of Daar Group on January 5, 2008 said the
approvals were predicated upon fulfilling the terms of the NBC as set
out in section 2(1)(c) of the NBC act 38 of 1992 as amended and pursuant
to the provisions of section 39 of the constitution of the Federal
Republic Of Nigeria.
The letter dated January 4, 2008, entitled “Approval of Licence to
Undertake Radio and Television Programmes Across the Country” had a
reference number NBC/11/S.26/VOL.IV and was signed by the Acting
Director General.
With the
new licences, the stations that the Daar group operate are to be made
accessible in all homes in Nigeria and Overseas through terrestrial and
satellite broadcasting.
To
adequately meet the financial challenges that the two new licences and
expanded operations will impose on it, the group went to the capital
market to source for the sum of N13.9 billion (Over US$115.8 million).
It seeks to raise over N8.75 billion via an offer for subscription while
Daar investment and Holding Company Limited seeks to realize N4.61
billion via an offer for sale. With that, the group has become listed in
Nigeria Stock Exchange (NSE) as a publicly quoted company.
To adequately meet new challenges, Daar Communication intends to plough
the proceeds of these offers to digitalize and to grow the network to
meet the demands of local and international audiences.
Cief Dokpesi said the overall objective of going to the capital market
to source for funds was to attain international standards, like the
Cable News Network (CNN).
Daar
Communications Ltd, pioneers of the first private broadcast stations in
Nigeria: both radio and television has also become the first private
media group to get a national network licence and to be listed on the
floor of the Nigeria Stock Exchange.
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