Persianas _Dubaishow_210408_BB
Transcript of Persianas _Dubaishow_210408_BB
Persianas Development Company Limited
A Unique Investment Opportunity
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Executive Summary
Introduction and Background
Country Overview Nigeria – Economic Snapshot
The Investment Opportunity
Value Proposition
The Sponsor
Conclusion
Presentation Outline
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Executive Summary
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Economic reform and increasing foreign direct investment across West Africa is yielding positive results and has led to a real estate boom across the region.
Economic growth, the improving investment environment and a growing middle class across West Africa has made expansion into the region exciting and rewarding.
There exists a significant gap between supply and demand in the real estate market and there is an opportunity to take advantage of under-valued and under-managed assets.
Tayo Amusan (“TA”) is a leading Nigerian property developer with a portfolio including the Palms Mall, the largest shopping mall in West Africa, luxury residential developments and a land bank in Nigeria.
TA has formed Persianas Development Company Limited (“PDC”) with the objective of becoming the leading property development and investment company in West Africa.
In order for PDC to attain this leadership position, it needs to broaden its portfolio of developments and also explore real estate opportunities across the region.
PDC believes it can create tremendous value capitalizing on this opportunity by developing a predominantly Nigerian but region wide coverage through expansion across West Africa.
Chapel Hill Advisory Partners, a leading Nigerian investment bank, is working with PDC and its bankers, First City Monument Bank Plc (“FCMB”) to achieve its expansion objectives.
Executive Summary
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Introduction and Background
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With an estimated population of 250 million, the demand for real estate is far in excess of the supply in West the Nigerian market.
While there have been significant investments in real estate, there is still a significant shortfall occasioned by the improved macro-economic environment and rapid GDP growth driven by commodity prices.
It is anticipated that the supply/demand gap across all real estate classes from retail, commercial, residential, hospitality and industrial will persist for the foreseeable future.
Liquidity across the region’s capital markets has improved providing solid investment exit opportunities, through IPOs, secondary offerings, strategic or trade sales and REITs.
The rapid recapitalization of the region’s financial institutions especially in Nigeria has led to improved access to local and foreign currency debt capital.
Attractive yields with landlords typically collecting rents 2-5 years upfront, denominated in US dollars and vacancies for prime properties are typically less than 1%.
Accordingly, Persianas Development Company aims to position itself to take advantage of the immense opportunities that exist in real estate across West Africa.
Introduction and Background
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Country Overview
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The West African Region comprises of 16 countries with a total population of circa 250 million with over 140 million people in Nigeria.
The region has witnessed an upsurge in foreign investments
and is growing steadily due to increased political stability, robust output growth and general confidence in the region.
Nigeria is the largest economy in West Africa, contributing over 70% of the total GDP of the region.
Nigeria is the twelfth largest oil producing country in the world and has the third largest natural gas reserves in the world, with GDP estimated at US$165 billion and per capita income of US$1,180.
Although historically growth was driven by oil and gas, in recent years it has become increasingly more diversified with strong growth in agriculture, real estate and other non-oil sectors.
Sound economic management has created strong and stable growth, partly supported by high energy prices and the diversifying economy, albeit relatively slowly.
Increased confidence in Nigeria and its business environment evidenced by significant investment by local and foreign investors and sovereign risk ratings by Fitch and S&P.
Sound economic management has created strong and stable growth, partly supported by high oil price
Democracy has become entrenched and civil society strengthened
Population is benefiting with higher disposable income
Country Overview
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GDP (US$Bn) 165
GDP per capita (US$) 1,180
GDP growth rate(%) 6.2
Inflation (%) 7
Official Exchange Rate (=N=/$) 116
Oil Price ($pb) (Average) 90
Total External Reserves ($Bn) 52
Total External Debt ($Bn) 3.1
Population (million) 140
Source: Agusto report, Chapel Hill Research
34.6
13.4
12.3
11.8
10.5
Banking & FinancialServices
Transport &communications
Wholesale and retailtrade
Building &construction
Real estate & businessservices
Sector growth rates far exceeding GDP growth
Real GDP growth6.2%
Nigeria – Economic Snapshot
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10
Real GDP growth stimulated by growth in non-oil sector
3.54.2 4.3
9.3
8.0
3.4
7.48.6
7.0 6.5 6.5 6.6
2004 2005 2006 2007 2008F 2009F
Oil sector Non-oil sector
201 204 224253
318
375403
2003 2004 2005E 2006 2007 2008F 2009F
Source: IMF, EMC, Global Insight
CAGR (06–09) = 16.6% Consumption estimated to grow at least 5% yearly in real terms
Population of 140 million growing at an estimated 3%
Unemployment on a downward trend
Incidence of poverty declining
Private consumption is a key growth driver in Nigeria
Growth in the Nigerian Economy is increasingly being driven by the non-oil sector
Non-oil GDP / capita (USD)
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Lagos
PortHarcourt
Abuja
NW
FCTSW
NENC
SS
SE
US$413
9%
US$1,715
34%
US$1,514
26%
US$688
5%US$77
06%
US$581
8%
Us$594
9%
US$1,990
2%
Per Capita IncomeInternally Generated Revenue
Kano
Geographic wealth distribution
Wealth is geographically concentrated in selected regions
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-10
-5
0
5
10
15
20
25
2001 2002 2003 2004 2005
GDPgrowth
Total
Oil
Non-oil
Agriculture OilNon-oil industry Building & constructionWholesale & retail trade Services
41%
15%
14%
2%4%24%*
* In current prices, oil sector accounts for 39% of GDP
Fore
cast
GDPgrowth
%
Inflation%
Real GDPgrowth rate
Inflation
Economic growth& inflation
0
2
4
6
8
10
12
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100
10
20
30
40
50
60
70
80
Fore
cast
₦/US$Naira/US dollarexchange rate
0
20
40
60
80
100
120
140
160
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Robust growth and stable inflation
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040008000
12000160002000024000280003200036000400004400048000
2000 2001 2002 2003 2004 2005 2006 2007 2008
Mobile phonesubscribers
US$
0
200
400
600
800
1,000
Forecast
GDP per capita
Increasing personal income
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Rapid growth in middle income population
Wealthy
Mass Affluent
Mass Market
2004:3,728,000
2010:5,897,000
Affluent
HNIsHIPsTradersMIPs
Survivors
LIPs
Population (‘000)2004 2010F
5 1189
1,33080053
770403
2,525
9,761
4,897
15,276
Bankable pop.
Working pop.
Total pop.
13,547
48,000
128,000
21,248
66,827147,300
HNIs (High Net Worth Individuals)HIPs (High Income Professionals)TradersMIPs (Middle Income Professionals)LIPs (Low Income Professionals)Survivors
Av. income₦’000
35,0008,0006,0002,500
800<100
US$’000275634720
6<1
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The Opportunity
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The Nigerian real estate sector accounts for 4-5% of the country's total gross domestic product (GDP), and represents nearly 70% of the national capital base.
Real estate is very capital intensive and the non-existence of financing options within West Africa has hindered development in the region.
Real estate in Nigeria is thriving with shortage of residential and commercial developments in major cities.
A dearth of accommodation, high cost of land, government policy regarding ownership of land, transfer costs, high cost of building materials, non-existence of mortgage facilities are all issues that affect the real estate sector in Nigeria and across West Africa.
The demand for retail and commercial property across the region has increased tremendously as a result of an upsurge in investment and commercial activities, tourism and an emerging middle class.
The region is estimated to grow at 5-8% over the next 10 years and various governments are implementing initiatives to develop an active mortgage market to aid the real estate industry.
Huge imbalance between supply and demand for real estate
upfront rent typically 2-5 years
Minimal vacancy loss on premium properties- 0-5%
Average 35% annual rental rate increase for premium properties
Rents for prime office space in Lagos have increased by more 750% since 2003
Real estate
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Lagos is the most populous city in all of Africa with an estimated population of 16 million growing at 4.45% pa.
The city is also the commercial capital of Nigeria, with the largest concentration of economic activity (70%) and industries.
Majority of Nigeria’s largest financial institution, multinationals and corporate organizations have their headquarters in Lagos
Several of the oil majors have shifted portions of their operations from the turbulent Niger Delta to the relative safety of Lagos
There is a large and growing middle/working class; and increasing activity from inward investment and financial institutions.
Population growth in Lagos continues to drive residential and commercial re-location.
Rents in Victoria Island, Ikoyi and Lekki, generally have risen significantly more than inflation historically
Scarcity of prime land has created huge pressures on commercial and residential accommodation
Demographics
Strong market fundamentals
Positive factors reflected in the Lagos real estate market
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Lagos is characterized by an acute lack of premium land with clean title, and a lack of green-field land with major road infrastructure.
The rapid expansion of metropolitan Lagos, both in size and population has outstripped the development of infrastructure facilities. Scarcity of prime land, and the supply-demand imbalance has created huge pressures on commercial and residential accommodation.
As a result, there has been continuing appreciation in the prices of properties in the city over the years. There is a limited number of high quality buildings and options for multi national organizations.
Rents are usually paid in cash two to five years in advance.
Land
Suppliers Market
Positive factors reflected in the Lagos real estate market
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Name South Atlantic Towers
Ark Towers Churchgate Towers
Africa Re House Octagon Towers
Location Victoria Island Victoria Island Victoria Island Victoria Island Victoria Island
Address 7 Adeola Odeku17 Ligali Ayorinde
Plot 30 Afribank Street
1679 Karimu Kotun
13a A.J. Marinho Drive
Year Built 2005 2001 1999 1999 1997No. of Floors 13 12 10 13 12Floor Size (sqm) 1180 460 1000 900 1100Rent ($/sqm) 550 380 375 350 350Service Charge ($/sqm) 200 125 150 175 140Vacancy <1% <1% <1% <1% <1%
CommentsMixed use development
Located within 500 meters of Landmark
Owned by a major Indian trading family
Located in commercial part of VI
Residential VI. Includes Helipad
Tenants
Huawei, Netcom, Petrobras, China National Oil Cpy, Air France
Virgin Atlantic, Shell, Standard Chartered, Pan Ocean Oil
MTN, KLM, Pfizer, Alitalia, IBTC, Churchgate
Landmark, IBM, Petrobras, Motorola
SAP, HP, Microsoft, Exxon Mobil, Nexen
Own Electricity & Water Supply? Yes Yes Yes Yes Yes
Grade A office locations in Lagos
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Name South Atlantic Towers
IBTC Apartments Niger Towers Admiralty Towers
Ocean Parade
Location Victoria Island Victoria Island Ikoyi Ikoyi Ikoyi
Address 7 Adeola OdekuWalter Carrington Crescent Glover Road Gerrard Road Banana Island
No. of Floors 11 13 10 11 11Rent ($/year) 75,000 90,000 72,000 75,000 85,000 Sale Price (US $) N/ A 800,000 N/ A 750,000 750,000 Vacancy None None None None NoneRetail Units Yes None None None None
ManagementSAPETRO Holdings IBTC In-house UAC Plc In-house In-house
Adequate Parking None No Yes Moderate YesOwn Electricity & water Supply? Yes Yes Yes Yes YesSwimming Pool No Yes Yes Yes NoGames No No No No YesTennis/ Squash No Yes Yes Yes YesFunction Room No Yes No Yes NoSecurity Yes Yes Yes Yes Yes
Luxury apartments in Lagos
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Persianas Development Company Limited (“PDC”), is a property development holding company registered in Mauritius and Nigeria. PDC will execute a pipeline of real estate development projects in the commercial, retail, office and luxury residential markets across West Africa. PDC will be focused on quality real estate to cater to the growing demand in West Africa, with a strong focus on the Nigerian real estate market. The principal sponsor of PDC is Tayo Amusan (“TA”), who is arguably the most visionary developer in West Africa and the developer of the largest retail mall in West Africa, the Palms Shopping Mall. TA is targeting lifestyle and destination properties, with a view to defining this
category of the real estate market. TA is bringing assets including the Palm Courts I & II, the Palms Mall and other assets including land into PDC in exchange for which he will receive equity in PDC. TA is also bringing into PDC, a project pipeline of circa US$1 billion. TA will reverse all of his assets into PDC,
which will be the vehicle used to develop all of his projects going forward. This is to ensure that he is fully committed to the business and has no potential or conflict of interest PDC is committed to improving the environment through
the development and operation of world class retail, commercial, entertainment and hospitality centres across West Africa.
Huge imbalance in supply and demand for real estate
Upfront rent typically 2-5 years
Minimal vacancy loss on premium properties- 0-5%
Average 35% annual rental rate increase for premium properties
Relocation of oil workers from Port Harcourt to Lagos
Persianas Development Company Limited
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Persianas Palm Courts is a residential luxury apartment estate developed over 20 years ago located in Victoria Island comprising of 2 blocks of 24 apartments and 3 penthouses.
It provides functional and luxurious accommodation to the expatriate staff of Ericsson, Exxon Mobil and the German Embassy.
The Palm Courts generates annual rental income in excess of USD 1.5 million.
The property is valued at circa USD 25 million.
TA, arguably the most visionary developer in W/Africa
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Joint venture project between TA and Actis. The mall comprises a double storey centre with a total built area of circa. 24,134sqm and 18,846sqm lettable space.
The mall is fully let and generates over USD$ 6.5 million in rental revenues annually. Yields expected to rise to 15% in 2009.
The Palms Mall project was completed at approximately US$50 million and was voted the African Finance Project Deal of the Year 2004 by the Financial Times.
Biggest Shopping Mall in W/Africa
Highest rents achieved per sqm
African Finance Project Deal 2005
The Palms Shopping Mall
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The Palms has attracted high quality anchor tenants including some of Africa’s leading retail names.
Anchors have signed 10 year leases and also provide a turnover upside.
Daily footfall in excess of 20,000 people with more than 700 tenants wait listed for vacant space.
High quality anchor tenants
Premier shopping destination in Lagos
The Palms Shopping Mall
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Project Pipeline
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PDC is currently exploring other identified strategic opportunities in the retail, luxury residential, office, hospitality and light industrial property markets.
• The Palms Phase II project - an integrated mixed use development to be situated next to the existing palms mall
• Developments of similar mixed-use projects in Ikeja and Festac in Lagos, Enugu, Kano, Ibadan, Abuja and across the country.
• Joint ventures and strategic alliances with land or real estate asset rich multinationals, state governments and government agencies.
• Seme Border ogistics terminal• Lafarge property portfolio• Warri Mall and• Sagamu Mall
Project Pipeline
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Palms Phase II
The Palms phase II project will consist of 3 visually attractive towers. It is located adjacent to the Palms Mall in Lekki and is a nearly 2 million square feet development.
The land is conservatively valued at just over USD 20 million and initial project economics indicate a project completion at around USD 550 million.
The concept drawings have been completed and the project is in the planning approvals stage. Ground breaking on the project will be in Q4 2008.
The project would be completed in two phases; the retail mall will be completed in December 2010 with apartments in June 2011 and the offices should be completed within 36-40 months.
The project upon completion is estimated to generate an annual rental income in excess of USD 55 million.
Palms Phase II
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42,429sqm of retail space on two levels with race track configuration
26,000sqm of lettable space with large food court on the mezzanine level
Shop sizes ranging from 35sqm to 8,000 sqm
Retail
Six levels of covered parking
Providing secured and covered space for 2,200 cars
39,376 sqm of Class A office space on two towers; Tallest wing reaching 35 floors
28,000 sqm of lettable area
Flexible and adaptable design, allowing single or multiple client configurations.
Palms Phase II – Project Details
Office
Parkade
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5134sqm of multi level health club located on the 20th floor height, with 360 degree view.
One view facing the Lagos lagoon and the other view is of the Atlantic ocean.
Comprises of squash and basket ball courts and all the modern amenities associated with a world-class health club.
Integrated property management with 24 hours power back-up, water treatment plant, sewage processing unit, Security with access control with CCTV monitoring, directed access and infrastructure support.
83 luxury residential apartments in one block comprising of 1 to 3-bedroom apartments and penthouses.
Palms Phase II – Project Details
Health club
Residential
Services
Pre-lets & Potential tenants
PDC is in advanced negotiations with multinational tenants for leases covering 50% of the commercial space in the palms phase II development
Existing retail anchor tenants have given in principle commitments to taking up to 30% of the retail space
Line shop owners in the Palms Mall along with up to another 700 retailers are wait-listed for more space
The wait-list for shops at the Palms Mall could swell further if the government of Nigeria were to lift the ban on textile importation.
Palms Phase II – Project Details
Palms Phase II – Concept Design
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The Enugu Mall is a joint venture project between TA and the Enugu State Government.
The project is a mixed use development of which a retail mall will be the first phase.
The project will be developed on the site of the Enugu Polo Park on prime land measuring in excess of 80,000 sqm. The first phase total developed area of 16,000 sqm will have a lettable retail space of 12,000 sqm.
Initial economic projections estimate that the project will be completed at around USD 40 million.
The project is expected to commence in Q1, 2009.
The project upon conclusion will generate estimated USD 5 million annual rental and other income.
Concept Drawing for Enugu
Enugu Palms Mall
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Enugu Palms Mall- Concept Design
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The Festac Mall is a joint venture project between TA and UPDC and will be located adjoining the Festac 77 hotel.
The Festac 77 hotel has been re-developed into a new Novotel hotel by UPDC.
The Festac Mall will be developed on land measuring circa 24,000 sqm.
The total developed area of 20,000 sqm will have a lettable retail space of 16,000 sqm.
Initial Projections show that the mall should be completed at around USD 50 million.
The project is expected to commence in Q2, 2009.
The project is estimated to generate annual rental and other income of circa USD 6.5 million.
Festac Palms Mall
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Ikeja Mall Ibadan Mall
Concept drawings of other Malls planned
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Proposed Kano mixed-use developmentProposed Seme Logistics Terminal
Concept drawings of other Projects planned
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The Further Pipeline - Other Opportunities
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TA has several other initiatives and projects in the pipeline worth in excess of USD 2 billion. These include;
The Lafarge Nigeria Property Portfolio TA is the preferred development partner in the tender process to be the
developer partner on the restructuring and regeneration of the existing real estate portfolio of Lafarge which is worth over USD 100 million.
Nigerian Army Joint Venture TA is in discussions with the Nigerian Army in respect of a joint venture to
manage and rehabilitate its existing real estate portfolio. It is estimated that this could require investments in excess of USD 1 billion.
Seme Border Logistics Terminal TA is in the advanced stages of negotiations with the Nigerian Customs in
respect of a development partnership to develop a mixed used border complex and logistics terminal. The project is estimated to cost USD 80 million.
Regional Opportunities in West Africa including Retail and Residential in Ghana etc
Other Opportunities
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Value Proposition
PWH
Land Bank Persianas Development Company
Assets and Projects
TA’s Equity
Assets & Land Bank
New Equity
Debt IPO
Investment Structure
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Total new funding required is about [$.] million PDC is seeking an equity investment of [$.] million for a 20% ownership stake in
the company (post-money) The signature project Palms Phase II will have an 80% leverage ratio to completion About [$.] million invested to date by promoters on land acquisition, perfection of
title, pre-development costs, etc.
The four year investment profile is extremely attractive: 75% IRR achieved based on conservative estimates of operating cash flows and
sale prices of the luxury apartments Combined valuation of [$.] million for PDC achieved
Conservative assumptions used; several potential income streams are not factored into the valuation. Additional upside potential include the following:
Revenue upside from retail anchors Income from Branding and advertisement Income from Car parking Limited annual rental growth
Key Investment Highlights
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Potential Investment Exits
Several exit alternatives will be actively pursued:
Listing on a major public equities market Sale to private or public real estate investment funds Sale to a pension fund
Key Investment Highlights
Finalize IPO
StructureAgree
transaction structure and finalize further
asset acquisition
Construction Start
Commence Pre marketing of
Palms IIand pipeline
launch
Soft Openings
Soft Opening of Retail section of
Palms II and Festac Palms
Capital Raising and
Project MobilizationConclude debt and equity
financing for the project and
mobilization of project team
Q3’ 08
IPO
Initial Public offering of PDC
Q2’ 12Q1’ 09 Q4’ 10 Q1’ 12
High Level Transaction roadmap
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Tayo Amusan
Tayo is the principal sponsor of Persianas Development Company Limited. He is a graduate of Business Administration from the University of Atlanta. He has over 25 years of real estate development experience in Nigeria and internationally and is the first West African to attract international private equity investment to real estate. In 2005,Tayo together with Actis completed the development of the first retail mall in Nigeria. He has extensive experience and a solid reputation in executing project financing transactions and has received awards for his contribution to the development of real estate in NigeriaHis prior real estate successes were based on exploiting demand- supply gaps and a clear understanding of retail and luxury residential developments. Tayo is the Chairman/ Chief Executive of Persianas Properties Limited (owners of the Palms Mall) and serves on the board of several other companies including Garages Limited and Southern Petroleum Limited. He also acts as an advisor on oil & petroleum matters to Masefield Limited in the United Kingdom
Our People
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Mr. Bolaji Balogun‘Bolaji Balogun is the Managing Director and Chief Executive Officer of Chapel Hill Denham Group and Managing Partner and Chief Executive Officer of Chapel Hill Advisory Partners. He has over nineteen years experience in investment banking and mobile telecommunications.Bolaji spent eleven years in the investment banking within First City Group, leaving the business in January 2001. From April 1993 to January 2001, he was Executive Director and Chief Operating Officer at CSL Stockbrokers (part of First City Group) and in this role was a member of the Nigerian Stock Exchange (“NSE”) project teams which automated delivery, settlement and trading on the NSE.
From June 1998, he was Executive Director at FCMB Capital Markets, a pre-eminent Nigerian investment bank where he led advisory teams in major corporate and complex transactions, including privatizations, M & A, equity & debt capital raising, IPOs, new listings, buyouts, restructurings, debt conversion, compliance with Securities laws involving investments across sectors including energy, telecommunications, FMCG & financial services. He advised clients on market entry into Nigeria and on the acquisition of Nigerian companies.
In January 2001, ‘Bolaji left FCMB Capital Markets to become a co-founder of Econet Wireless Nigeria.The business (later known as V Mobile) was awarded a national license for US$285 million in January 2001. He was also a founding Director and a member of the license bid auction team, which won the GSM license. He was pioneer Chief Business Development and Strategy Officer and in October 2001, was appointed Chief Marketing Officer. He led the capital raising effort to raise over US$750 million for the license and network build-out. The V Mobile business (now Celtel) has experienced phenomenal success since its inception and is nowNigeria’s second-largest GSM operator with over 12 million subscribers, over US$1.1 billion annual revenues. The business was sold to MTC-Celtel for US$1.65 billion in June 2006. Prior to that, ‘Bolaji had left V Mobile and returned to financial services with the formation of Chapel Hill.He is a Director of FCMB Capital Markets, Lafarge WAPCO Cement Plc (a Lafarge subsidiary) and NAHCO Plc. He is a graduate of the London School of Economics and is a licensed securities dealer in Nigeria.
Our People
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David LaskyOur People
David holds a Bachelors Degree in English and German Literature from the University ofCalifornia, Berkeley (1995) and a Masters in Economics with emphasis on Transition Economies (1996)from Uniwersytet Jagiellonski, Krakow Poland. He has over eleven years experience in corporate andinvestment banking.
He commenced his career in 1996 at GATX Capital Corporation, San Francisco as an Associate Director where he worked in the Corporate finance Division. From there, he proceeded to Deutsche Bank AG, New York/London in 1998 where he was given the mandate to assist in growing Leverage Buyout “LBO” market in Germany and Poland. He was thereafter transferred to the Global Markets Division Internally as Head of Central European and Baltic Origination to build a market leading bond franchise in Poland and the Baltics. Major high points were; increase in Underwriting over the period to over US$3 billion, attained 40% market share in the Poland, 100% in Baltics (nearest competitor 15 and 0% share), Awarded Polish and Baltic Bond House of the year - 1999 by Euromoney Magazine.
He left for Credit Suisse First Boston AG, London in 2000 were he was Director, Fixed Income Head ofCIS Origination. At CSFB he developed a US$15 million per annum franchise and grew underwritingover a four year period by US$3 billion. He later returned to Deutsche Bank AG, London as ManagingDirector Global Markets in 2004 were he was Head EEMEA Capital Markets (all Public Markets – Debtand Equity) with responsibility to build a market leading franchise. He joined Renaissance CapitalMoscow in March 2007 as Managing Director, Real Estate to establish a Real Estate franchise globally.David is a British and U.S Citizen; he speaks English, German and Polish fluently and has a workingknowledge French and Spanish.
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Prakash Pantham
Our PeoplePrakash is a management professional with over 15 years of progressive marketing, operations and executive level experience in the ICTindustry. He has significant experience with start-up operations and new business creation and is the Chief Commercial Officer at PDC with responsibity for business development strategic planning, sales and marketing.
His last assignment was with Starcomms Plc as the commercial director overseeing sales, marketing and customer care operations. At Starcomms, Pantham helped to navigate the brand on the path of steady and consistent growth, maintaining very clear market leadership in the PTO sector in terms of subscriber base, customer service delivery and product and service innovativeness.
Prior to joining Starcomms, Pantham was the Head of Distribution with Globacom Limited, the second national operator in Nigeria. While at Globacom, he managed and set up the entire distribution network for the company, across the country.
He has a Masters in Business Administration (Marketing) from the University of Baroda. Before coming to Nigeria, he worked with Reliance Infocomm Limited, India’s leading telecommunication and information management company, as Head, Sales Operations. He also worked as Head - Business Services at Textile Portals Limited, an E-commerce portal and Marketing Manager at Hutchison Telecom in India.
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[.] Okoye
Our People
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Next Steps