On The Money - In Brief

Mergers, Acquisitions and Financial Results

- South Africa’s telecoms equipment manufacturer Africa Cellular Towers (Actowers) has signed an empowerment deal to sell 25.1% of its business to Tiso Group. Tiso will buy 92,7-million Actowers shares at R1.25 each, paying R116m in cash. That could be followed by an extra payment of up to R22.5m if performance criteria are met for the 2009 and 2010 financial years.

- Warid Telecom was over the weekend named the best investor in 2008 during the annual awards ceremony at Hotel Africana in Kampala. Warid was rewarded with the gold accolade after investing $185m (about sh367b) since it was licensed by the Uganda Investment Authority (UIA) in 2006.