On The Money - In Brief

Mergers, Acquisitions and Financial Results

­ Kenya's Safaricom says that it has signed an agreement to buy local WiMAX operator, Packet Stream Data Networks for an undisclosed amount. The intended acquisition comes on the back of Safaricom's recent appointment of Jamii Telecommunications as its preferred partner in the rollout of it optical fibre network.

­Telecom Egypt, the local landline operator that owns a 44.95% stake in Vodafone Egypt, has reported an 8% rise in first-half revenues to EGP 5.2 billion (US$942 million). Net profit after tax was EGP 1.75 billion (US$317 million) representing an increase of 41% on H1 2008 and translating to a net profit margin of 34%. The contribution of share of profits from Vodafone Egypt was EGP 632 million (US$114.6 million), up 3.3% on the year before.