MERGERS, ACQUISITIONS AND FINANCIAL RESULTS

Money News - In Brief

- In Zimbabwe, troubled Renaissance Financial Holdings Limited has been provisionally barred from disposing of its 30 percent stake in Africa First Renaissance Corporation Limited - until it clears a US$5,7million debt to Econet Wireless.

- Egyptian fixed line incumbent Telecom Egypt (TE) has reported that between 1 January 2011 and 31 May 2011 it lost some EGP85.56 million (USD14.36 million) stemming from network related damages and thefts that occurred in the wake of the country’s civil unrest at the start of the year. According to Ahram Online, the telco said that losses relating to fixed assets stood at EGP62.76 million in the first quarter of the year, representing 0.45% of total net fixed assets at end-March 2011, while from 1 April to 31 May copper and fibre-optic cable losses due to theft or damage totalled EGP22.81 million.

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