Zoom Mobile To Raise $200m In Private Placement – Targets 10m subscribers in 3 yrs

Zoom Mobile To Raise $200m In Private Placement – Targets 10m subscribers in 3 yrs

Zoom Mobile, a CDMA operator, like Starcomms, is targeting 10 million users via its 0707 series of numbering plan in Nigeria.

 

Ken Aigbinode, Executive Vice Chairman of the company, made this known, stating that the firm has mapped out strategies to achieve the ambitious target 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.

 

“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

 

The company has gone through private placement to raise $200 million and that fund will be injected to realize the  10 million subscriber  target.

 

“All these and proceeds from the planned public offer will go into our expansion ambition”, he added.

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