ESAT boss to reveal results of fund raising

 

MR Denis O'Brien, chairman of ESAT Telecom Holdings, the company which owns 40 per cent of the second mobile phone operator, Esat Digifone, is expected to announce today the results of efforts to boost to the company's finances. It follows a fundraising roadshow in the US.

It is understood that the group, which reported losses of £7.5 million in the nine months to last September, was seeking to raise £43 million in loan stock in the US. It subsequently sought to raise a further £9 million, bringing the total to £52 million. The company plans to invest more than £19 million in Esat Digifone, which will run its mobile phone service.

The mobile service is due to be launched in mid February. The group however still has to conclude a deal with the Garda to use its telecommunications infrastructure to transmit the service. This has been delayed because of planning concerns.