On the Money – In Brief

Mergers, Acquisitions and Financial Results

* Broadband provider Kenya Data Networks (KDN) has announced that it is ready to begin work on its long-delayed fibre-optic network, in conjunction with local company Green Future. Chief Marketing Officer Vincent Wang'ombe said that KDN has committed up to KES1.2 billion (USD14.4 million) towards the infrastructure rollout. Wang’ombe commented: ‘Green Future will be completing the Kampala to Gatuna route, and we have pumped KES110 million into that particular project’. Green Future is one of ten companies that have been selected by KDN to undertake the project, and reportedly impressed the broadband provider with its earlier work on the Mombasa-Kampala (Uganda) fibre-optic route. From Uganda, the cable will connect to neighbouring Rwanda, furthering pan-African fibre-optic connectivity.

* Moroccan GSM mobile operator Medi Telecom (Meditel) has reported that its revenues in the third quarter of 2010 grew by 11% year-on-year to MAD4.2 billion (USD519 million), whilst EBITDA increased by 9% to MAD1.6 billion. The business user segment saw revenues increase by 16% in the same period and 3G mobile broadband turnover climbed by 77%. Consolidated net profit rose 91% compared to a year ago, to MAD270 million in July-September 2010.