ALLTEL SWAPS TABLETS FOR STOCKS

Prince Kofi Kludjeson displaying a K-Pad

In an ingenious move to hook subscribers onto its equities as it plans to list on the Ghana Stock Exchange (GSE), Alltell Limited, a Ghanaian mobile manufacturer, is planning to give stock options to buyers of its locally manufactured tablets.

According to the Executive Chairman of Alltell, Prince Kofi Kludjeson, the first 100,000 people who would pick up the company’s tablet- the K-Pad, would be given the option to convert their investment to stocks.

The K-Pad, which is fashioned along the I-Pad, is locally assembled and comes with additional features including a USB port. The K-Pad sells for GHC3,000 and buyers or subscribers are expected to make a minimum payment of GHC 90.00 per month for approximately three years.

“This is the biggest initiative we are working on right now,” Mr. Kludjeson was quoted as saying. It is unclear when Alltel will finally launch its Initial Public Offer (IPO), but Mr. Kludjeson said his company had engaged investment advisors on the proposed listing.

According to him, six applications were currently being reviewed. The strategic advisor would soon be announced, said the Executive Chairman. When selected, the investment advisor would provide details of the IPO and advise the company on the share structure of its 100,000 K-Pad owners.

This is the second time Mr. Kludjeson is venturing into a high profile technology business; the first time was about 15 years ago when he set up Celltel, the mother company of Kasapa Telecom-now Expresso. But the venture went sour when a protracted legal battle among shareholders compelled Prince Kludjeson to exit the venture.

Meanwhile, Mr. Kludjeson is highly optimistic about the prospect of Alltel’s flagship product, the K-Pad which is developed specifically for the African market. The K-Pad comes in 10 to 12 inche specifications and is stocked with WI-FI, physical keypad and a USB port. These features make the K-Pad one of the most unique products on the tablet market.


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