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Folio Communications Pays N1.25b for Daily Times From Cletus Akwaya in Abuja Folio Communications Limited, the new core investors to Daily Times of Nigeria Plc yesterday paid N1.25 billion to the Bureau of Public Enterprises (BPE) to confirm their status as the new owners of the publishing firm. With the payment, Folio Communications will take over 96.05 percent equity in the newspaper established in 1928. A representative of the Company, Mr. Fidelis Anosike according to a statement by the Head, Communications and Marketing Charles Odenigbo, presented the cheque to Director of Services, Mrs. Abiodun Wright during a brief ceremony at Hamza Zayyad House, corporate offices of the BPE. Wright, the statement said, congratulated the new owners of DTN and wished them successful operations. Folio Communications, which also has former Managing Director of the rested Post Express, Dr. Chidi Amuta as a top executive emerged the core investor June 14 when the financial bids for the company were opened at a ceremony in Abuja. It won the bid in the second round ahead of Mindsprings Communications, the investment vehicle for staff of DTN who offered N1.051 billion for the Federal Government's equity. With the payment, Folio Communications will assume control of the company and reposition it towards profitability. A member of Folio Communications, Hon. Chidi Duru had told THISDAY, the new owners would inject N800 million in the "next few months" into DTN as part of the business plan to return the once vibrant newspaper on the path of profitability. An official of BPE told THISDAY the official hand over DTN to the new owners will soon be performed by the Director General of BPE, Dr. Julius Bala. Under the privatization law, BPE will upon the handover also withdraw Federal Government's representatives on the board of the company. The managing Director will, however, remain in office until six months before the new owners may decide either to replace or retain him. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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