- Ugandan businessman Charles Mbire has increased his stake in telecommunications company MTN to 5% from 2.5%. This increases his stake in the company, which is valued at about $1b (sh1,700b), to $52m (sh92b). The rest of the shares are held by MTN Group that also has operations in 21 countries. The sale of shares to Mbire is part of a plan announced by the South African-based company to sell 6% of its Ugandan unit to local investors by December. There are similar plans in Nigeria and Ghana. When contacted, Mbire declined to comment.
- Bahrain will be the new business hub for the Kuwait-based telco, MTC's operations for the entire Middle East and North Africa region. MTC is the owner of Celtel.
- Egyptian financier Naguib Sawiris has revealed he is in talks to sell as much as 20% of Weather Investments, the holding company that owns Wind Telecomunicazioni, to private equity funds. Blackstone Group, TPG, Ripplewood Holdings and Permira Advisers are all reported to be interested in buying a stake in Weather, Sawiris said in an interview with Bloomberg.
- Chinese telecoms vendor Huawei faces the strong possibility of an unprecedented fine of up to 20 billion baht (US$610 million) fine from the Communications Authority of Thailand (CAT) for the late delivery of a provincial CDMA network.
The potential fine is for a sum almost three times that of the project's value and could wipe out Huawei's entire profit for 2007. In recent years the company has been reporting yearly profits in the $500 million - $700 million range.