MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
On The Money - In Brief
- Indian telecommunications company, Essar Group, has announced joint investment plans in Africa with a Dubai based company. The group, which offers mobile services in Kenya under the "yu" brand name, has entered into investment discussions over the telecommunications portfolio of Dhabi Group’s African assets (Warid Telecom). The Essar Group’s move is seen as a strategy to expand its operations in Africa.
Zain has reported that its first half revenues were up by 24% on the previous year to reach US$4 billion - while net income was up 4.4% to US$533.5 million. The subscriber base rose by 37% to 69.5 million. The company's consolidated EBITDA increased by 46.3% for the same period to reach US$1.77 billion.
Orascom Telecom Holding's (OTE) is considering joining one of the consortium that are expected to bid for France's fourth 3G license. In an interview with French daily Le Figaro, Orascom's Chairman, Naguib Sawiris said that he was open to all options, including aquisitions. "Eight million North-Africans live in France and I think it makes sense from an industrial point of view to set foot in the French market," he told the newspaper.