Paratus rights issue doubles market capital
Capital boost
The telecommunications firm has raised N$600 million in a recent rights issue.
Paratus Namibia Holdings Limited has successfully raised over N$600 million through its recent rights issue and investment drive, which was fully subscribed. This significant capital infusion has effectively doubled the company's market capital on the Namibia Stock Exchange (NSX). The capital has been sourced from a diverse group of investors, including the Paratus Group (61.9%), institutional investors (34%), Paratus employees (2.6%) and retail investors (1.5%).The funds will be strategically allocated to expand Paratus' existing offerings by enhancing its core systems and infrastructure. This investment will enable the company to adapt and transform its business model to meet the evolving demands of customers and the market, while optimising capacity utilisation, leveraging economies of scale and generating increased returns from its current asset base.
Schalk Erasmus, CEO of Paratus Group, expressed his excitement over the development.
"This investment is a significant milestone for Paratus Namibia, the region and our valued customers. With this capital, and by leveraging our existing infrastructure, we will establish an unparalleled technological advantage in the market. As a digital partner to our customers, we will help them take their businesses to new heights. Central to this expansion will be our unwavering commitment to delivering world-class customer service. By harnessing the power of big data, machine learning and artificial intelligence (AI) in the digital environment, we will monitor and optimise the entire customer journey and experience. We will proactively meet and exceed customer expectations in today's fast-paced business landscape," he said.
Focus areas
Paratus has three strategic focus areas: Leadership in connectivity, differentiation and long-term diversification, and optimised efficiencies. The company aims to be the leader in high-quality connectivity by investing in fibre and mobile LTE technologies. The company’s goal is to be the enterprise digital partner of choice, thereby enabling businesses to leverage digital solutions to elevate their operations. It will prioritise delivering a world-class customer experience through seamless onboarding, proactive issue resolution and personalised offerings driven by big data, machine learning and AI, Paratus said.
The company also plans to optimise its efficiencies through infrastructure sharing, adopting cutting-edge technologies in its network, and developing business enablement and operational support systems. By fostering an agile digital organisational culture and optimising the management of key resources, including staff and infrastructure, Paratus will reinforce its brand as aspirational, successful and enabling.