Saturday, 17 March 2012

Business News: rLG Communications Limited is set to list on the GSE

rLG Communications Limited, a local trailblazer in the mobile telecommunications industry, has noted that though it intends to list on the Ghana Stock Exchange (GSE) by June this year, it will not solicit a pesewa from any investor until such a time when it is appropriate to do so.

Speaking to CITY & BUSINESS in an interview recently, Roland Agambire, Group Chairman of rLG Communications stated: “We have series of projects to undertake currently but we are not urgently seeking funds to complete them. We want to continue with our internally-generated funds to keep on growing our business.”

Mr Agambire also assured investors, both local and foreign, that rLG was not interested in immediately grabbing money to support its business.

“We are already a competent and established entity that wants to partner them for mutual economic success. We are not here to take money from the investor, make profits and leave the scene. This is an indigenous organisation and so we want to erase doubts off the minds of skeptics who are not too sure of our growth levels. Even though this would have been the right time to raise money, we just want to relax.”

According to him, in about a year or two, the company’s earnings and revenue will be published quarterly or half yearly.

“That is when we are going to offload shares to look for capital to expand parts of our operations.”

He said during that time the company will kick-start its US$100-million modern technology centre project under which it will attract engineers and telecommunications experts from all over the world to cerate a Silicon Valley kind of organization in Ghana

“Come 2014, we would have finished with the project and that is when we will need capital for the oil byproduct manufacturing, among other notable ones.”

rLG will list on the GSE without raising capital.

It is expected to list its whole value without issuing any new shares targeted at raising capital.

Originally, it planned to offload 45 percent of its business on the stock market to raise about $70 million for expansion of projects by June this year. The company, which started assembling mobile phones recently, celebrated its 10th anniversary. It has subsidiaries in Nigeria, Sierra Leone and The Gambia.

It has launched a foundation to help supply potable water to rural communities.

This paper has learnt that rLG has already settled on investment firm, IC Securities to sponsor its Initial Public Offer (IPO).

By Samuel Boadi

Roland Agambire

rLG Sets Record

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