On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Zimbabwe mobile operator, Econet has reduced to 20 percent its stake in Afre Corporation after selling five percent in a drive to dispose of all non-telecommunication assets. The telco operator, through a vehicle Econet Global Holdings also recently sold its 10 percent stake in troubled Kingdom Meikles Limited. Econet board announced in March this year that it would sell its interests in non-core businesses.

- Maroc Telecom, Morocco's leading phone operator, has declared that it has been chosen the best Performing Ai40 Company award by the 2009 Africa Investor Index Series awards.

- Moroccan conglomerate ONA achieved, during the first half of 2009, a net result of 1.79 billion Dirham (216.396 million US dollar), that is a 97.1% rise compared to last year, said here on Thursday ONA managing director, Mouatassim Belghazi. The rise is due to the climb of the capital of Wana - ONA's telecoms arm - to 2.85 billion dirhams, through the acquisition by Zain Al Ajial consortium of a stake in Wana Corporate SA, the official told the press. The non-Moroccan part in Wana's capital reaches 31%, he said, adding that the group's consolidated turnover amounts to some 18.28 billion dirhams, a 2.6% rise.