MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
On The Money - In Brief
- Kuwaiti telecommunications Zain Group (owner of Celtel) has announced plans to increase its working capital by 75 per cent to finance an expansion programme in Africa and the Middle East. The company will use a combination of cash and stock dividends to raise the $4.4 billion it needs to finance its expansion.
- Orascom Telecom is looking to exit its MobiNil wireless joint venture with France Telecom (FT), writes French daily newspaper Les Echos.The newspaper reported that Orascom chairman and chief executive Naguib Sawiris has tried in vain to buy out FT from the joint venture. The two companies control MobiNil through direct and indirect holdings, and must approve one another's decisions. Each company has the option of buying out the other's shares in the case of a ‘serious disagreement’. It is this clause that Orascom has decided to invoke, the paper said. Orascom Telecom said further that it is close to finalising a deal to offload its stake in Algerian wireline operator Lacom to an unnamed Palestinian-Jordanian venture.
- The Director-General of the National Information Technology and Development Agency (NITDA),Prof C.O. Angaye disclosed that revenue from licensing and taxation of profit from the National Outsourcing Programme in Nigeria is projected to grow from N55m to N1.3 billion by 2014.
- South Africa’s civil engineering and construction group Sanyati Holdings said it planned to expand its geographic footprint and broaden its services offering after buying telecoms infrastructure company Meyker Group for R220m.
- Zenith Bank has been rated the best overall performing bank in the design and provision of e-banking products and services among the 25 banks in Nigeria.
- Ghana is to host the 12th United Nations Conference on Trade and Development (UNCTAD XII) in April 2008, under the theme 'Science, Technology, Innovation (STI) and Information and Communication Technologies (ICT)s for Development (ICT4D)'.