On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Zimbabwe’s High Court last week postponed placing mobile telephone service provider Cosmos Cellular (Pvt) Limited under provisional judicial management until the outcome of Cosmos’ Supreme Court appeal. The Posts and Telecommunications Corporation (PTC), last year obtained a provisional order placing Cosmos under judicial management following a two- year wrangle over a $100 000 debt the parastatal says it is owed by the service provider.

- Johnnic’s digital media division cut its losses significantly in the six months to end-September. A loss of R1.9 million before interest, taxation, depreciation and amortisation (EBITDA) is an 82% improvement on the R10.7 million loss for the same period last year. Revenue grew 63% to R63.9 million.The division consists of 10 online and multimedia companies held mainly through Johnnic e-Ventures.

- Uganda Telecom Limited has won the 2002 Uganda Investor of the Year Award.

- Media and technology group Naspers (owners of MWeb) remains deeply in the red, but has managed to halve its headline loss to R143 million in the six months to 30 September on the back of better revenue and improved margins.