On the Money – In Brief
- The Commonwealth Telecommunications Organisation (CTO) concluded its historic 50th Council meeting in Colombo, Sri Lanka last week with the decision to support the launch of a Commonwealth Telecom Development Fund, which intends to mobilize some £200 million over the next few years to invest in profitable ICT projects in emerging markets. The promoters of the fund, which include the CTO, Future Realities and Ashmore fund managers announced on the margins of the CTO Council Meeting that they will be organizing shareholders’ meeting in London at the BIS Centre in Victoria, on the 6-7 December, for prospective shareholders.
- I&P Capital (II) has sold its stake in insurance company Mauritius Union Assurance to a consortium of Mauritian Investors, achieving an IRR of 252 percent over 12 months and a multiple of 3.5 times initial investment cost. In March 2010, I&P Capital (Indian Ocean) sold its stake in cell phone network operator Orange Madagascar. I&P Capital (II) and I&P Capital (Indian Ocean) are two funds managed by I&P Management (Indian Ocean), based in Mauritius and Madagascar.
- South Africa’s Dimension Data (Didata) said that it had bought mvision for an undisclosed amount. UK-based mvision supplies, installs, maintains and manages video conference and other related services. Didata said the acquisition was in line with its goal to strengthen its video conferencing products and services and to deliver a full suite of visual communications solutions to clients. The use of video conferencing is set to soar as companies look for ways to cut travel costs, among other things.
- NASDAQ-and JSE-listed Net1 UEPS Technologies said that it had agreed to buy 98,73% of Korean card payment processor KSNet for $233m. Net1 said the acquisition of KSNet would diversify its revenue outside its core South African operations. KSNet is expected to contribute about 30% of Net1's revenue. The acquisition also provides Net1 with the platform to expand its operations in Asia and launch its mobile virtual card technology through KSNet's established relationship with mobile network operators, banks and retailers.
- The Algerian government has agreed in principle to buy Orascom Telecom's local subsidiary, Djezzy. Algeria's minister of Post, Information and Communication Technologies, Moussa Benhamadi told state radio that the decision to buy the company has been made and the government expects to complete the acquisition of Djezzy's assets before the end of the current year, the Asharq Al Awsat newspaper reported.