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2degrees phone display and logo - Source: ONE News -
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The Hautaki Trust needs to find $20 million by the end of the month to keep its 20% holding in new mobile company 2degrees.
Subscriptions for 2degrees, which entered the market in August, have exceeded expectations threefold and more capital is now needed to expand the network.
2degrees is the third player in the New Zealand mobile market behind Telecom and Vodafone and launched with the promise of cheaper text messages and phone calls.
Hautaki Trust spokesperson Tainui Stephens says it is working hard on approaching potential investors.
According to The New Zealand Herald, trust chairman Brian Leighs says the board has been holding hui around the country since February giving information to interested parties.
Leighs said investment had only been pitched to Maori organisations with $500,000 to spend.
He would not confirm how much of the funds needed had been raised.
If the trust does not come up with the funds by October 31 it risks diluting its shareholding.
The 2degrees consortium is majority-owned by US communications
company Trilogy International Partners which has a 52%
holding.
