MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
On the Money News: In Brief
* UAE-based Emirates Telecommunications Corporation (Etisalat) has revealed that it is to invest around EGP8 billion (USD1.4 billion) in its Egyptian subsidiary in the three years to 2013, Reuters reports. Commenting on the plans Etisalat chairman Mohammad Omran said: ‘Our investment in the network has reached EGP8 billion [to] date, and we expect that we will invest EGP8 billion more in the coming three years as networks expansion is a priority for the company.’ In addition, Omran said that the growth in Etisalat Misr’s had ‘exceeded all expectations in terms of subscription rates and what was targeted in the bid conditions and feasibility studies in terms of network coverage’ since launch in May 2007. According to TeleGeography’s GlobalComms Database, at end-March 2010 Etisalat Misr had just under ten million wireless customers, up 33.3% year-on-year from 7.5 million a year earlier.
*Nigeria — Adamawa State Government says E payment has saved a whooping N26, 919,007.74 in the month of May as it continues to test-run the e-payment salary system it introduced for the ministries of Education, and Higher Education; College of Education, Adamawa State Polytechnic,Kiri said the state government introduced the e-payment salary system to keep in touch with global best practices in financial and personal management as well as ensure prudence and accountability in the payment of staff salaries in the state.