By Peter Egwuatu

The Anambra State Government has given AMBRA Investicorp Trust Limited 5 years to raise N1 trillion development fund in order to help the government meet its infrastructural challenges.

The company is in the verge of  concluding its first phase of the fund raising exercise worth N10 billion through a private placement platform.

AMBRA Investicorp is offering offer for subscription by way of private placement of 4,998,000,000 ordinary shares of 50 kobo each at N2.00 per share.

In an interview with Vanguard, Managing Director/CEO, AMBRA Investicorp Trust Limited, Dr. Ndi Onuekwusi disclosed that Anambra State Government under the leadership of Governor Peter Obi is determined to develop Anambra to be ranked among developed economies in 2030.

In his words, “ The purpose of this offer is to raise funds to build world class investment management conglomerate in Anambra State that would facilitate the industrialisation and modernisation of the State to rank among developed economies by 2030 and with the capacity to attract and retain specialised skilled labour to live and work in the State.”

Analysing the areas the funds would be deployed, he said, “ the estimated net proceeds of N9.648,000,000 after deduction of the total cost of N350,000,000 will be applied as follows: Extractive -Raw materials and foods companies N1,209,632,000; Manufacturing- Computer and Electronics N1000,000,000 ; AMBRA IPP Project N2000,000,000, Financial services N1,926,365,000; Model secondary schools N1,325,367,000; Real Estate and other services N1,848,390,000; Branding, Marketing and AMBRA Management N338,246,000″.

He expressed optimism that the offer would be fully subscribed as Governor Obi had involved all Anambra people both within the country and in diaspora to join hands in building the State irrespective of their political and ideological differences.

According to him, “ Governor Obi will be in Lagos to meet with the Anambra people residing in Lagos on Saturday 20th November, 2010 to discuss the importance of developing the State. Governor Obi has made Anambra development as a key goal. We should give credit to the Governor for all the development programme he has been carrying out. All the projects he embarked upon is a people movement.

“ AMBRA Investicorp was conceived two years ago as 100 per cent Anambra holding company. Its principal objective is to maximally leverage the huge but largely dormant economic base in the State, to create a world class commercial enterprise to facilitate the emergence of modern businesses in the State and in the process make the State a choice residence for professionals and businessmen and women

The League of Anambra Professionals who are major shareholders defined that development must become our core goal.
It is managing the politics in our place to realign it to the development of Anambra”.
The Issuing houses to the offer are Futureview Financial Services Limited, Deap Capital Management & Trust Plc,