Starcomms shareholders approve Capcom deal
By BiztechAfrica – Jan. 4, 2013, 9:22 a.m.
Shareholders of ailing Nigerian CDMA operator Starcomms have approved the reorganisation of the company’s share structure as part its acquisition by investment group Capcom Limited.
Shareholders have endorsed the proposed USD210 million investment by Capcom Limited, and the deal is now subject to regulatory approval.
Starcomms noted in a statement that it had recently faced “severe operational and financial challenges in account of the shifting competitive landscape in the Nigerian telecommunications industry. We believe that the investment by Capcom, which will provide the capital required for continued operations as well as enabling investment in new technology, combined with the injection of new spectrum and the CDMA assets of Multi-links, creates the best possible platform for Starcomms’ future.”