On the Money News: In Brief

Mergers, Acquisitions and Financial Results

*According to an unconfirmed report from the online journal Trade Finance, Standard Chartered Bank has signed a telecoms equipment deal with Ghanaian cellco Zain backed by Sweden’s credit agency EKN. It is understood the value of the contract is USD77 million and will be used to provide telecoms equipment to support the cellco’s network expansion in the country. Zain Ghana had approximately 1.375 million mobile users at 30 June 2010 up from 1.293 million at the start of the year, a market share of 8.4%. Its networks covered an estimated 53% of the population. 

* Econet Wireless Zimbabwe says it will strengthen its mobile network in the capital Harare under a new USD60 million loan from Swedish export credit agency EKN, adding to existing credit lines with China and the Egyptian-based African Export-Import Bank. CEO of Econet, Douglas Mboweni, said the entire facility would be channelled into buying infrastructure for Harare to meet rising demand, adding that engineers from Swedish technology partner Ericsson had already arrived to install the equipment. 

* Abuja — As the controversy over the N74 billion estimated by Independent National Electoral Commission INEC to conduct 2011 election continued, the Nigeria Communication Satellite (NIGCOMSAT), last week announced that at least 25 per cent of the total amount could be saved using the smart card developed by the agency.

Rufai, stated that instead of going for 120,000 unites of the Direct Data Capturing Machines (DDC) as proposed by INEC, NICOMSAT can solve the problem with only 5,000 units of smart card, adding that his agency can also provide the DDC using Zinox as an indigenous technology to get the software installed in a computer.