MERGERS, ACQUISITIONS AND FINANCIAL RESULTS

On The Money - In Brief

- Safaricom was Kenya's top taxpayer for the 2007/2008 financial year, a list published by Kenya Revenue Authority (KRA) indicates. The full list will be unveiled in October.

- In an interview with East Africa Business Week, MTN Rwanda’s CEO Khaled Makkawi has revealed that the government’s decision to increase excise duty on airtime from 3% to 5% commencing 1 July will effect the mobile operator’s projected growth for 2009. The report states that MTN Rwanda, which generates 90% of its revenue from airtime sales, will be forced to cut the additional 2% from other areas where it had planned to use it to boost penetration, introduce new products and promotions in order to boost sales.

- The European Union has allocated about €4 billion (US$5.58 billion) for infrastructure development including ICT in the eastern and southern Africa region.

The head of the European Commission delegation to Zambia, Derek Fee, said that "the EU had put a substantial amount of money at [the] national and regional level because the commission is aware that in parts of Africa, communication costs are one of the highest."

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