Money News - In Brief

Mergers, Acquisitions and Financial Results

- Outremer Telecom could turn its back on a plan to invest MUR1.6 billion (USD56 million) in Mauritius, local paper l’Express cites the company’s general manager for Mauritius Michel Rigot, as saying. The Port Louis-based paper writes that Outremer Telecom applied for a third-generation (3G) mobile licence in the country, but that its initial application was rejected. Although the matter has apparently been referred for courts – a decision on which is pending – Outremer Telecom has now suggested it may abandon the plan altogether.

- Kenya Data Network (KDN), a full service data communications carrier, is facing a new petition filed by its contractor, Soliton Telemec over a $415.5billion debt dispute. In early 2011, the high court of Kenya temporarily stopped Soliton Telemec, a fiber laying company from pursuing the case. The court directed Soliton Telemec to temporarily stop advertising the petition pending a determination of an application by KDN, which refuted the alleged debt. This week, Soliton Telemec moved to court seeking to dissolve the company.