On The Money - In Brief
- Former Telkom CEO Papi Molotsane's Synglo Technologies has bought a 65% stake in value-added network service provider UniNet for an undisclosed sum. The deal has an ironic twist to it: Telkom, under Molotsane's leadership bitterly opposed UniNet's link up with the Municipality of Knysna to supply a WiFi Internet and voice network that has made the town the first in Africa to be wirelessly connected.
- Zain, formerly Mobile Telecommunications Co, said yesterday its has won government approval for a $4.53 billion capital hike to finance foreign expansion. Zain's Africa Chief Executive said the firm was keen to acquire a licence to become South Africa's fourth mobile telephone operator, which the government of the African nation said could become available in 2009.