Business News of Thursday, 21 February 2013

Source: citifmonline

SSNIT to venture into the telecoms

Citi Business News has gathered that pension fund manager; SSNIT is likely to become a major player in the telecom industry soon.

The pension fund manager has hinted that it is considering plans to invest in the sector.

SSNIT has investments in many of the sectors in the country including banking, insurance, housing and energy.

It is unclear what exact role SSNIT may play in the sector which is largely dominated by foreign multinationals.

But the Director General of SSNIT, Dr Frank Odoom told Citi Business News it will soon embark on a number of feasibility studies to ensure its investments in the sector will profitable.

“The telecom industry is important. Whatever investment we do we must make sure it gives me the returns we desire to sustain the fund. So I will not just enter into telecoms, I will enter into telecoms after we have done the numbers or we believe that it is going to be profitable.”

According to him, “investment going to investment is not just about waking up one morning and saying ‘Ah Telecom, Boom! !’ You need to analyze, you need to do all the things to make sure that this is indeed going to return a certain benchmark or more than the benchmark that you have set myself in order for the scheme to be sustainable.”