Money – In Brief

Mergers, Acquisitions and Financial Results

- In Zimbabwe, Econet Wireless could increase its stake in Afre Corporation amid disclosures it will underwrite the insurance group's planned US$10 million rights issue. This follows reports that the mobile telecommunications operator had already sanctioned a US$3 million loan to Afre to support the insurer's operations. Econet moved to curtail a crisis at Afre after recent reports of shady inter-company financial transactions rooted in a US$12 million loan to an associate.

- Largely buoyed by its growing success in the African continent, global consumer electronics manufacturer Samsung Electronics will next week host its second Samsung Africa exhibition in Nairobi Kenya. Samsung Electronics Africa President, Kwang Kee Park, disclosed that as part of the firm's continental growth strategy, Samsung will be focusing on Africa's top 10 economies, which together generate 79 percent of the continents wealth and house almost 47 percent of the population. "Alongside Kenya, Samsung's key focus countries will continue to be those with large and growing populations, such as South Africa, Nigeria and Sudan," said Mr. Park.

-The lingering controversy over the privatisation of Nitel has developed a new dimension as the Bureau of Public Enterprises (BPE), is said to have written to the National Council on Privatisation (NCP), seeking a new directive on the privatisation of the Nitel.