MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
On The Money - In Brief
- South African cellular operator Vodacom says it will be listed on the Johannesburg Stock Exchange on 5 May as current 50% shareholder Telkom South Africa distributes a 35% stake to its own shareholders. The other 15% is being sold to Telkom’s partner in the venture, Vodafone of the UK, taking Vodafone’s stake to 65%. The transactions still have to be approved by Telkom shareholders, with a general meeting scheduled for 26 March.
- Bloemfontein in South Africa will host an international business process outsourcing and off-shoring (BPO&O) hub in the next five months.The Mangaung Local Municipality has entered into a partnership with Fujitsu Services, UniNet Communications, Cisco and Microsoft to implement the project. The municipality says these partners will initially invest R50 million in the development of the hub.
- South Africa’s information and communications technology group GijimaAst managed to deliver positive interim results yesterday, increasing revenue 25% despite mixed signals on the industry's stability in the economic slowdown. The group acknowledged that spending on information technology was being affected by worsening economic conditions, particularly in such sectors as mining, which were already cutting down on capital expenditure.