IHS Nigeria Set to Double Assets After Raising $1 Billion

IHS Nigeria Plc (IHS), which operates telecommunications infrastructure in three African countries, is set to more than double its assets after raising $1 billion for investment, Chief Executive Officer Issam Darwish said.

IHS wants to increase the number of telecommunications towers under its management to 20,000 by 2016 from the 8,500 towers it currently runs in Nigeria, Cameroon and Ivory Coast, Darwish said on Aug. 5 in a phone interview from Beirut, Lebanon’s capital. “We have funding available for various opportunities that we are currently analyzing,” he said.

The Lagos-based company said in July it raised $522 million in new capital, $280 million in debt and $242 million in equity in the preceding year to fund its expansion across Africa.

Nigeria has Africa’s highest number of mobile-phone users, with 109 million subscribers at the end of 2012, according to the regulator Nigerian Communications Commission. MTN Group Ltd.’s Nigerian unit was the market leader with 47.4 million customers, followed by Nigeria’s Globacom Ltd. with 24.1 million, New Delhi-based Bharti Airtel (BHARTI) with 23.1 million, and Abu Dhabi-based Emirates Telecommunications Corp. (ETISALAT), known as Etisalat, with 14.9 million, according to data on the NCC’s website.

To contact the reporter on this story: Yinka Ibukun in Lagos at yibukun@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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