On The Money - In Brief

Mergers, Acquisitions and Financial Results

- NetOne seeks to exempt NetOne from going through the State Procurement Board to enable it to swiftly purchase equipment in tandem with the current dynamic technological environment, an official has said. NetOne managing director Mr Reward Kangai last Thursday said the mobile service provider was subjected to the SPB, which took long to adjudicate on purchases yet its competitors were promptly buying new technology.

- In a bid to increase the penetration of banking services in Uganda, United Bank for Africa (UBA) is set to introduce a banking service that can facilitate transactions via mobile phones.

- MTN Rwanda, the country's leading telecom by market share on Tuesday launched a foundation that is meant to give back to the society. The telecom will be injecting Rwf100 million representing 1 percent of its profits after tax in the foundation as it widens its Corporate Social Responsibility (CSR) programme.

- Increased demand for its systems integration services helped Dimension Data (Didata) record a rise in revenue for the three months to December, despite sluggish product sales. An interim management statement reported 6% year-on-year growth in turnover for the period, a result that was "consistent with management's expectations".

But the figure translated to a 9% annual fall when adjusted for currency fluctuations, as the results benefited from the strength of Didata's main trading currencies against the dollar.

- South Africa’s Sentech has been a struggling parastatal for years, something which was clearly illustrated by its inability to make its MyWireless broadband product work in a vibrant and growing broadband market where its competitors flourished. A recent Business Report article said that the struggling signal distributor is budgeting for a net loss of R123 million for the 2009/10 financial year as a result of discontinued operations such as MyWireless.