On the Money – In Brief

Mergers, Acquisitions and Financial Results

- Econet Wireless Zimbabwe, the country’s largest mobile operator, has called on the government to help it recover USD38 million in call termination fees which it says it is owed by state-run fixed line incumbent TelOne. The cellco claims that TelOne has not paid it any fees for terminating fixed-to-mobile calls on Econet’s network since January 2009, when the sector began a changeover from local currency to US dollars.

- Altech has bought software vendor Swist Technology Solutions (Swisttech) for R52m. It will pay R30m upfront, with the balance to be paid over three years, depending on whether specific profit targets are achieved.S wisttech management and staff will stay on board and key senior staff will be given four-year contracts with Altech. The company provides infrastructure and integration services, billing products, mobility solutions and software development. Altech is hoping to bolster its own product lines through the deal, providing solutions to financial services and telecommunications businesses.

- Listed technology companies Altech and Altron, its parent, have warned shareholders that market conditions are not improving as quickly as they had hoped and this could undermine earnings. Altech, headed by CEO Craig Venter, says trading conditions the second six months of its 2011 financial year, which ends on 28 February, mean the group is unlikely to show any growth on the results of the previous financial year.