Kenneth Denos: Yes, we are scheduled to receive delivery of the 6 million devices from our supply partner by the end of November, with their deployment through AFAN immediately thereafter. So, we expect to receive and generate lease revenue as well as transaction revenue through the Nwassa platform from these devices by year-end 2023. With an uplift in mobile phones of more than 60% to be followed by AFAN’s commitment to introduce a further 13 million customers, as well as our expansion plans for Ghana, Malawi and Pakistan, we’re excited about our growth prospects for 2024 and beyond.
Unidentified Company Representative: Can you provide an update on the status of construction of your new food processing facility?
Kenneth Denos: Well, some — as you know, some of our executive and management team and members of the media visited the site in June of this year, and we are now planning a further media visit to take place around year-end or early in the new year. We can though confirm that our construction joint venture partner is on track, and we remain confident we’ll be in a position to commence operations at least in Phase 1 of the facility by 2024.
Unidentified Company Representative: Is there an update on the dividend that you announced in August?
Kenneth Denos: We are working closely with our banks in Nigeria, as well as the Central Bank of Nigeria to receive the foreign currency conversion approval as soon as possible. As some of you will be aware, we had hoped to receive this approval long before now. However, the new process that all Nigeria’s companies must follow have proven to be more complex and elongated than originally envisaged. I am though pleased to say that the approval is expected very soon.
Unidentified Company Representative: Are you considering an increase in the requested FX conversion to cover a second dividend payment rather than having to go through this all over again immediately?
Kenneth Denos: With our current foreign exchange conversion application at an advanced stage, we don’t wish the risk causing any disruption or further delays by changing the amount. Our intention is, therefore, to obtain the approval of our current application before then submitting a new application for a larger amount. It is our understanding that the approval process for subsequent foreign exchange conversions will be more straightforward than has been the case for this first conversion. We also expect the approval timeline to be much shorter.
Unidentified Company Representative: It has been mentioned in previous announcements that the Board were considering a share buyback or a one-off special dividend in addition to the quarterly dividend. Is this still the case? As I personally believe this would help rebuild shareholder confidence.
Kenneth Denos: Yes, this is generally still the case. As we noted in our presentation, we are optimistic about the company’s continued growth development and cash flows from operations. And we expect to be in a position to carry out some form of a special dividend, as well as paying a regular quarterly dividend in the future.
Unidentified Company Representative: When will the A credit rating in Nigeria be restored?
Kenneth Denos: We have recently commenced interactions with the credit agency to restore our credit rating as part of which we are providing you with up-to-date information. We hope to receive the restoration of our credit rating either by the end of this year or during the early part of 2024.
Unidentified Company Representative: You recently announced plans to expand into Pakistan and an MOU with the government of Pakistan. This sounds like a very big opportunity. Can you provide any further information?
Kenneth Denos: Yes. We believe it is a big opportunity. Here’s just some key points to consider. Pakistan is the fifth largest country in the world by population. The country represents one of the largest agricultural markets in the world, but at the same time, Pakistan suffers from low crop yields and very high levels of post-harvest loss. And if we can effectively deploy our business model, the Tingo model, and the Tingo ecosystem is expected to have a significant impact on Pakistan’s agricultural sector and add considerable value. In addition, we are receiving significant support from the Pakistan government, both at a provincial level and the federal level, which we believe will help our rollout. As well as rolling out our Agri-Fintech business in Pakistan, we also intend to launch our food processing and export business in the country, where, again, it is evident there is a significant need.
Unidentified Company Representative: Are you any closer to finding a permanent industry-leading NASDAQ experienced CEO?
Kenneth Denos: We’ve been evaluating and have had informal discussions with highly qualified individuals in this regard. Now no offers or formal decisions have yet been made, but we are making good progress on that point.
Unidentified Company Representative: This concludes the question-and-answer session. I would now like to turn the call back over to Mr. Denos for his closing remarks. Please go ahead.
Kenneth Denos: Thank you, operator. I would like to thank each of you for joining our earnings conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group, who would be more than happy to assist.
Operator: Thank you. This concludes our session for today. You may now disconnect.
