7 Jul 2005

Solomons Telekom gets big financial boost

10:27 am on 7 July 2005

Solomon Islands Telekom is receiving a capital boost from its two main shareholders.

The National Provident Fund is injecting two point nine million US dollars into the company, taking its shareholding to 59 percent.

The multi national company Cable and Wireless is putting in two point one million dollars which lifts its shareholding to nearly 38 percent.

The balance is held by a government company.

The general manager of Solomon Telekom, Martyn Robinson, says the extra capital will allow the company to expand services.

"Predominantly for the expansion of the GSM mobile network througout the country. We will be upgrading and expanding the capital city, Honiara, and also expanding down to Gizo, Auki, Munda and Noro."

Mr Robinson says the new investment by Cable and Wireless is one of the first in Solomon Islands since the civil unrest and demonstrates renewed confidence in the country.