10 November 2009
Cellcom Telecommunication Incorporated, the privately-owned American cell phone and Internet Company in Liberia is offering opportunities to Liberians, other residents and business houses to participate in profit-sharing rights of the company. This is the first time a profitable and privately-owned company is offering shares to the Liberian public.
Cellcom is widely known for being first in the provision of upgraded services and promotions to its growing subscribers. The company's first-rate technology enables conference calls, voice messaging, email-to-phone, international roaming and no-rounding of minutes.
According to Mr. T. Max Jlateh, Public Relations Officer of the Company, Cellcom will officially launch its Initial Public Offering (IPO) on today, Monday, November 9, at 6pm, at the Royal Hotel. PRO Jlateh explained that the IPO is a convertible debenture whose minimum price is US$10.00. Up to 500,000 debentures are being offered with a minimum of ten percent interest which will be payable semiannually.
It can be recalled that exactly five years ago to the day, Cellcom broke the back of a monopoly in the telecommunication industry. Under the monopolized system, prices for SIM cards were as high as USD65.00 while the cost of local and international calls ranged from fifty cents to USD1.25. The minimum cost of cell phone was USD300.00. Coverage was restricted to Monrovia and its immediate environs.
Today, all of Liberia can be reached by a click of the cell phone whose price is as low as USD19.00. The price per call is fifteen cents across the networks while the rate for international calls using the Cellcom service is ten cents per minute. Cellcom has also introduced office solutions to improve the work environment and enhance efficiency in the work place.
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The news that Cellcome will officially issue its Initial Public Option (IPO) today at 6:00 P.M. is very encouraging.
Because of the encouraging news, I am planning to purchase some shares of Cellcome's stock in the future. However, in order to do so I would like to get more detailed information and instructions on how I can buy shares in the company.
As a side note, I think Cellcom will win big in Liberia and in all of West Africa because of their unique marketing niche and early experience in the industry in Liberia. Please forward any information relating to this question to ggorneleh@att.net.
That tells you that the liberian government needs to hurry up and set up the necessary framework to bring sanity to the investment banking sector in the financial environment. There is a urgent need to create Liberian stock exchange that will envisage multiple listing or private equities and thus expanding the economy giving more room to job creation.
The higher institutions of liberia must introduce new courses to meet the ever changing global financial climate. BSc, MBA must be offer in disciplines such as banking and finance, investment banking and derivatives trading and and securities. These skills are definitely needed to boost the investment and corporate finance industry in the country. So now liberia is thinking on investing in the oil sector and so many things need to be put in place if this sector is meant to boost trade and investment. MOre accountants are needed to upgrade their skills for recording financial statements for the oil sector and other more integrated approaches to financial statement presentation and meeting all international standards in this endeavor.
Last but not the least the attorney general of liberia needs to inact laws and regulations to safeguard private investors and set up an anti-trust laws to deter would be crooks from presenting and false view of the financial health of their companies. The investment commission needs to be empowered and clothe with the responsiblity to select those investment deals that the country would benefit most. The liberian government needs to set up a security and exchange commission to regulate companies on the issuane of shares, bonds to the public and that they are abiding by the lay down rules and regulations. So much needs to be done