RURAL MOBILE SOLUTIONS PROVIDER

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Message: African Holdco equity investment

The Company frequently refers to equity investment in the Mauritius entity as non-dilutive. Today, Nuran Canada (i.e., the shareholders of Nuran Canada) own 100% of the Mauritius entity. If tomorrow we own less of the Mauritius entity due to the sale of an equity stake/capital raise on that level, how is this not dilutive. Not questioning the need to attract equity but rather the Company’s assertion that this is non-dilutive. Please explain

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