GDC Seeks Cash Injection

GDC Communications is asking its shareholders to inject $3 million into the company for acquisitions to rebuild the telecommunications service provider. GDC is shifting direction to build up its IT services after losing core field and maintenance contracts with Telecom worth about $38 million a year in revenue. GDC announced a rights issue of four shares for every five at a cost of 10c a share which it hopes will raise $3 million.