On The Money News - In Brief

Mergers, Acquisitions and Financial Results

- An ongoing programme to upgrade its mobile network to offer 3G services has seen MobiNil, Egypt’s largest cellco by subscribers, slump to a net loss in the first three months of 2012. In releasing its financial results for the three months ended 31 March 2012 the Egyptian operator posted a net loss of EGP74 million (USD12.2 million) for the quarter, compared to a net profit of EGP23 million in the corresponding period of 2011.