On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The Angolan Government has approved the new privitisation law which aims to simplify and speed up procedures for foreign investment. Good news for those who might be interested in investing in Angola Telecom.

- According to LiquidAfrica, the chairman of the Egyptian Company for Media Production City (MPRC.CA) Abd El Rahman Hafez, announced that the company concluded a number of contracts worth LE65 million in a business tour within the Gulf region.

- SMS software company Beget Holdings has bought the assets of Namibia’s Ianitor and the intellectual property of British Virgin Islands-registered Hopefield Enterprises Corporation for R8 million. JSE-listed Beget recently set up a joint venture in the Seychelles with Ianitor as partner.

- Software developer FrontRange is continuing its long, slow climb back to profitability by reporting a welcome operating profit of R4,5m, a R155m turnaround from its damaging loss of R144m a year ago.

- There were 125 trades in SONATEL on the Senegalese bourse pushing its price up to 90 CFAs...Schroder Salomon Smith Barney said it downgraded South African mobile phone group MTN to "inline" from "outperform", but kept its valuation at 13.50 rand.