The rating of Chams Plc (“Chams” or “the Company”) reflects the Company’s adequate working capital, low leverage and stable management. The rating also takes into account the Company’s declining but satisfactory profitability and weak operating cash flows resulting from high trade debts on account of delays in payments by the public sector contractees. We believe that outlook for Chams is stable.

In 2008, the Company successfully raised ₦7.8 billion capital to fund its expansion plans. With the fresh injection of capital, Chams has floated two new subsidiaries; invested in new infrastructure and equipment across its business units and subsidiaries. Going forward, the Company plans to set up thirty digital malls with a combined capacity of 30,000 networked Apple computer units. As at December 2009, two digital malls have been established in Lagos and Abuja. The Company was incorporated on 10 September, 1985 as Chams Nigeria Limited operating in the Information and Communications Technology (ICT) industry. Chams converted to a public limited liability company in 2007 and its shares were listed on the Nigerian Stock Exchange (NSE) on 2 September 2008.

Over the years, the Company’s operations have evolved from computer maintenance and networking services to the supply and provision of card based technology products and services. Chams’ business is structured into five business units comprising Public sector and Projects; Terminals & Printers; Chams.net and ChamsCity and the Data Centre. The Company has six subsidiaries namely Supercard Nigeria Limited (88%), Card Centre Nigeria Limited (99%), ChamsAccess Limited (100%), Chams Mobile Limited (100%) and Chams Switch Limited (100%). Chams Plc is also affiliated to Paymaster Nigeria Limited (38%).