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Nigerian Stock Exchange suspends Starcomms shares

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This Day reports that the shares of telecoms company Starcomms have been placed on full suspension by the Nigerian Stock Exchange (NSE).

Starcomms shares have been placed on full suspension by the Nigerian Stock Exchange (NSE). (Image: File)

The suspension is reportedly because of a potential capital reconstructing exercise by Starcomms following its merger with two Code Division Multiple Access (CDMA) operators, Multilinks and MTS.

According to the report this means that the company’s shares, representing the only telecoms firm on the Exchange, will not be traded until the deal is finalised.

The publication states that core investors will inject $200 million into the new company established through the merger, CAPCOM.

The expectation is that this new venture will revive operations and renew the vigour of CDMA operators, a market segment that has come under significant competition from GSM operators.

The report says statistics sourced from the Nigerian Communications Commission (NCC) show that 868, 786 active lines have been lost by Multilinks, Starcomms, Visafone and ZoomMobile during the first six months of 2012.

Experts believe the inception of CAPCOM may spark a revival in the segment.

Staff Writer

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