On the Money – In Brief

Mergers, Acquisitions and Financial Results

- Pan-African cellular communications company Vodacom Group has sold its last 24.9% stake in South Africa-based WiMAX service provider Wireless Business Solutions (WBS), which operates under the iBurst brand name. The stake has been sold to the company’s other shareholders, although WBS has not yet disclosed what its new shareholding structure looks like. According to TeleGeography’s GlobalComms Database, the largest shareholder prior to the disposal was Blue Label Investments, which owned 40% of the company.

- Egypt's Orascom Telecom Holding (OTH) says that it has received another tax bill from the Algerian government - this time for US$230 million. The bill is a reassessment carried out by the Algerian Direction des Grandes Enterprises (Tax Department for Large-Scale Companies) (DGE) in respect of the years 2008 and 2009. The Reassessment is considered an initial notification. Orascom Telecom Algeria (OTA) has 40 days to respond to the preliminary notification before receiving the final reassessment. This Reassessment comes despite the fact that OTA had already paid the taxes due for the same years.

- Qualcomm has opened an office in Lagos, Nigeria though its QCOM Wireless Technologies subsidiary, to serve as the Company's hub for West Africa business operations. The office will provide support to mobile operators and device manufacturers serving countries throughout the region, including Nigeria, Ghana, Ivory Coast, Senegal and Cameroon.