On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The Communications Commission of Kenya (CCK) is betting on its award of the best infrastructure regulator in Africa to attract more foreign investors. According to Pyramid Research, the size of the Kenya's telecoms market is set to grow by 42 per cent from $1.3 billion (Sh104 billion) recorded in revenues last year to $1.9 billion (Sh152 billion) by 2013, with 78 per cent of the total coming from the mobile phone sector.

- The Egyptian Company for Mobile Services (Mobinil) said it is considering the issuance of local bonds in order to further finance its network expansion plans, the company said in a statement on the stock exchange website. The matter of issuing bonds will be presented to the company's board of directors. If the board approves such an initiative, it will be announced immediately by Mobinil to the stock exchange.

- According to a report by Reuters, Algerian state-owned telecoms operator Algerie Telecom has revealed that it plans to invest USD6 billion in upgrading its fixed line and mobile operations over the next five years. Cherif Yaici, deputy chief executive of Algerie Telecom, said: ‘We will invest the money in overhauling our technology and buying new equipment for our entire networks.’ Yalci added that the spending was part of a wider USD150 billion government plan to upgrade the country’s infrastructure.

- Egyptian operator, Orascom Telecom Holding said it will reduce the company's paid-up capital, according to a statement on the stock exchange website. After an extraordinary general assembly meeting on Oct. 22, Orascom Telecom Holding said that the total number of fully paid-up shares reached 889.100 million, after writing off 10.303 million treasury shares.

- London- and Johannesburg-listed Dimension Data has added to its African presence by purchasing a 51% stake in Moroccan-based Telcom for an undisclosed amount. Telcom, officially known as Télédistribution et Communication, operates in the telecommunications infrastructure service space. It will be rebranded as Dimension Data Maroc, and plans are already under way to grow the business in the IT space.