I H S Nigeria Plc: Equity Investment with International Finance Corporation

By investadvocate

Feb 17 2011 19.59 GMT


The company has notified The Exchange that it has concluded agreement with Investec Asset Management (via its African private equity funds) the International Finance Corporation (IFC) a member of the World Bank Group, and the Netherlands Finance Development Company (FMO) for US$79 million equity investment in I H S.


The investment which is subject to regulatory approvals will help the company build and acquire mobile phone towers in sub-Saharan Africa, thereby increasing mobile phone coverage and reducing communication cost in the region.


Issam Darwish an Executive Director with I H S Nigeria Plc states that the company is dedicated to partnering with operators and investors across the African continent to add the IFC, FMO and Investec Asset Management’s private equity fund to its shareholders’ base.


The additional financing package also includes up to $115 million of IFC led senior debt, Mezzanine and syndicated loans, which will allow the company to continue its leadership role in providing managed and co-location services to mobile operators and users in Africa.


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