MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
On The Money - In Brief
- South Africa’s Altech announced half year results for the period ended 31 August 2007. Revenue increased by 20% to R4 billion, the company’s operating profit increased by 6% to R306 million and headline earnings per share were up 11% to 215 cents. In the telecommunications division, Altech Autopage Cellular produced satisfactory results having increased its total base to over 850 000 subscribers and higher average revenue per user (ARPU) than the corresponding period in 2006. Altech is using some of its R1.1 bn war chest to expand geographically and enter growing telecoms niches in a way that juggles "equal measures of prudence and agility", says CEO Craig Venter.
- The sale of Rwandatel will be concluded by the end of October. Named bidders include: Vodacom, UAE-based V-Tel Holdings, Ugandan LapGreen Network and the little-known R-Com of Rwanda.