ZOOMmobile projects increased earnings
ZOOMMobile, projects increased earnings, on account of an on-going network expansion and re-branding which follows the taking on of high net worth investors in a recent private placement. Ken Aigbinode, the executive vice chairman of the company, who would not disclose figures, said ZOOMmobile is gathering the financial and technical muscle to reposition itself as a national mobile services provider, taking full advantage of its universal access licence.He added that the network intends to compete at an even keel with the biggest existing operators. His words: "There are new shareholders. We didnt do a public offer. We did a private placement which brought in significant investors. We are not allowed to disclose names. A public offer announcement will be made in due course". He further disclosed that the company would be willing to commit up to N5 billion on its re-branding exercise.
Aigbinode announced that ZOOMmobile currently has about 1.5 million subscribers and has acquired the 0707 numbering scheme, comprising 10 million lines from the Nigerian Communications Commission (NCC), having exhausted the initial numbering scheme allocated it.
"We have sold over 1.8 million lines and we have 1.5 million active subscribers He said that studies conducted by te NCC and others indicated that there was still a lot of room for expansion and investment in the Nigerian telecom sector. Revenues attending such opportunities, he said should be captured by a patriotic Nigerian company.
ZOOM targets 10 million subscribers on 0707 series
Smarting from a successful private placement, ZOOMmobile has set an ambitious target of 10 million subscribers for self. Ken Aigbinode, executive vice chairman of the ZOOMmobile revealed to zoomnigeria.com in interview that the firm has mapped out strategies to achieve the target of 10 million subscribers in three years time."In the next three years, it should be possible for us to approach the 10 million mark. This will however depend on the investment money we pump into this objective. I believe that when our public offer breaks, we would have raised all the money we require to achieve this goal," Aigbinode said. According to him, as a CDMA operator, what the firm does is sell the handsets and given the appropriate subsidies to customers, he said it was possible for the firm to hit the mark.
"By the time we are through with the first phase of that expansion, that will be an unassailable mileage of the CDMA segment of the industry," he said. According to him, the firm went to Nigeria stock Exchange, NSE to raise $200 Million through private placement. The proceeds, he said would be plunged into achieving the million target. "All these (and proceeds from the planned public offer) will go into our expansion ambition."