On The Money - In Brief
- In Kenya, KenGen says it will turn to technology in its annual general meetings to cut costs on printing and postage. Mr Njoroge said future meetings will heavily rely on technology to deliver essential communication such as annual reports and dividend payments to reduce spending.
- Orascom Telecom Holding (OTH) has announced that it is planning a rights issue to raise around US$800 million from its shareholders. The proposed Rights Issue is intended to further strengthen the balance sheet and ensure OTH's liquidity including financing needs for the Group in the case where there is no immediate resolution of the tax dispute in Algeria.
- According to Gartner report's findings, overall IT end-user spending in South Africa is on pace to reach $24.6 billion (almost R190 billion) this year – a slip of two percent from last year's $25 billion, but Gartner forecasts a six percent increase in 2010 as the region returns to growth. It also states that the computing hardware segment will experience the steepest decline in 2009, with spending projected to fall 23%. The software segment will show the slightest decrease in 2009, with spending forecast to drop four percent.