Money News - In Brief
- The government of Guinea-Bissau is preparing the financial restructuring and revaluation of its nation PTO Guinea Telecom ahead of the proposed privatisation of the operator, Prime Minister Carlos Gomes Junior said last Friday. The PM’s announcement coincided with the release of details on a corporate restructuring of wireline operator Guinea Telecom and its mobile division Guinetel, both of which are 100% owned by the state but currently technically bankrupt. As part of the proposed plan to relaunch the two units, the government has received a budget of CFA7 billion (USD15.6 million) from the African Development Bank and Ecobank, to ‘balance’ the two companies (in technical terms) and then privatise them, he said.
- Moroccan group Maroc Telecom has reported consolidated revenues of MAD15.32 billion (USD1.92 billion) in the first six months of 2011, down by 0.8% from the same period of last year, due to a 1.7% decline in revenues in its domestic market caused by intense competition. The revenue squeeze in Morocco was partly offset by 4.8% turnover growth in the group’s foreign subsidiaries’ revenues. Maroc Telecom consolidates Mauritel, Onatel, Gabon Telecom, Sotelma and Casanet in its financial statements, and since 30 June 2010 no longer consolidates Mobisud Belgique in its results.
- According to iAfrica.com, South African internet service provider (ISP) Afrihost is close to finalising a deal to acquire the entire share capital of rival ISP Axxess DSL. The website reports that the deal should be completed by August. Afrihost and Axxess are expected to continue to operate as separate brands, eventually operating on merged platforms. Afrihost director Greg Payne commented: ‘Combining two entities like this makes the sum more valuable than the individual parts’.