DeniAfrica

The Punch Newspaper reports:

That the twice-botched privatisation of the First National Telecoms carrier would now proceed through negotiated sale rather than public bidding

the steps to be taken in the negotiated sale to include;

• Shortlist screened based on pre-qualification criteria: minimum of $0.5million shareholder capital, fixed and mobile telephony experience in two countries with two million aggregate subscriber base, and a 20 per cent equity investment by a technical partner/telecommunications operator;

• Preferred investor identified from a short list;

• Following negotiation of Share Purchase and Shareholder Agreements with preferred investor, preferred investor submits a binding financial proposal; among others.

• Federal Government opens and reviews binding financial proposal, and if acceptable, concludes transaction by signing the agreements with the preferred investor;

• If the offer is not acceptable, then all the short listed prospective investors receive the same transaction documents and allowed to make their counter offers; and

• Federal Government reviews all offers received, makes its decision.