On the Money – In Brief

Mergers, Acquisitions and Financial Results

- According to Reuters, the Algerian government’s valuation of Orascom Telecom Algeria’s (OTA’s) local mobile phone unit, Djezzy, has been delayed by a disagreement regarding the disclosure of company data. Citing two telecoms sector sources, who spoke on the condition of anonymity, Reuters suggests that Djezzy has refused to allow government-appointed law firm Shearman & Sterling access to its database; Shearman & Sterling was hired in January 2011 to conduct a valuation of Djezzy, with the process expected to be completed by end-May 2011.

- Egypt-based mobile group Orascom Telecom, which recently finalised a merger deal with Russia’s Vimpelcom, disclosed last week that its subsidiary Telecel Globe has agreed to sell its wholly-owned Namibian cellular unit Powercom (currently trading as Leo) – to Investec and Nedbank Group. The cashless deal involves the buyers assuming USD60 million in debt owed by Powercom, and is pending regulatory approval, Orascom said in a stock market statement.

- Uganda's central bank says that the amount transferred by mobile money services in 2010 reached US$400 million as the number of users jumped to around 2 million. The number of registered mobile money customers had been just over half a million at the end of 2009.

- The Tanzania Revenue Authority officially introduced electronic payment of property taxes, driving licence and presumptive (pay roll) taxes whose threshold doesnot exceed Tshs 500,000. The mentioned taxes can be paid through Vodacom M-Pesa and NMB mobile phones with effect from 1st June 2011.