Starcomms Plc, the only public traded telecom company in Nigeria, has confirmed that Mr Maher Qubain, its MD/CEO will retire. However, Maher will become advisor to the Board of Directors and to the new CEO when that is found. Speaking with journalists in Lagos, noted that he was leaving to enable people with fresh ideas, skills and capabilities to try to get their company working:
“Starcomms is a very unique company. It is trying to grow and the only way to grow is by bringing new ideas, expertise and skills to the company”, he explained.
This company is bleeding cash and Starcomms if they do not move fast may not survive the competition. The challenges will not retire with the MD/CEO. They are there and increasing daily.
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Starcomms Chairman, Chief Maan Lababidi acknowledged the outgoing MD/CEO contribution:. “Maher has been key in the evolution of Starcomms. He has been a tremendous asset to Starcomms and we will indeed miss his insightful leadership and deep knowledge of the Nigerian and International telecoms market”.
Starcomms is a junk stock. It trades below a Naira. This char courtesy of First Global Select explains it all. There is nothing exciting about the public entrance of Starcomms except that people lost money in the stock. They need a new vision to get to winning ways.
| Trade Date | 14 July, 2011 | Currency | NGN (NIARA) |
| Last Trade | 0.53 | volume | 131,091 |
| Net Change | +0.00 | Value | 68,638.23 |
| % Change | +0.00 | Issued Shares | 6,878,478,096 |
| Open | N/A | Market Cap. | 3,645,593,390.88 |
| Today’s High | N/A | Bid | N/A |
| Today’s Low | N/A | Ask | N/A |