Original Story Published by: MENA-FN, www.menafn.com
Photo Source: MENA-FN
Somtel, the telecom and technology service provider with a wide network coverage in the Somali region, has set the issue price of the shares at its initial public offering (IPO) at $100 per share. The network has different networks in different Somali regions.
Somtel has a long track record of providing high quality and reliable telecommunication services by investing in a superior communication infrastructure and harnessing the capabilities of the Somali people. The company now offers voice, data and digital services to retail customers as well as enterprise solutions to corporate and public sector customers. The Somtel network is the founder, along with Djibouti Telecom, of the DARE1 cable that starts in Djibouti, down the Somali coast, ending up in Mombasa, with stations along the way. This will enhance digital connectivity in the region.
Somtel's IPO was launched by the President of Somaliland HE. Muse Bihi Abdi. He said '"We are here today to congratulate and encourage one of Africas most influential companies. We congratulate Dahabshiil Group and Somtel … for being a financial and technological leader on the Horn of Africa banking and telecoms sectors.' I'm sure this IPO offering will further propel Somtel's growth as well as serving as an example for other companies in the region, the President added.
Speaking at the launch ceremony, a unique occasion in the region, Hajji Mohamed Said Duale, the Chairman of Dahabshiil Group which founded the Somtel network said, "We are pleased with the high demand for our shares - evidence that investors are as excited about Somtel's future as we are.'
To read the full article, visit www.menafn.com.
Related
