On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Starcomms has posted revenues of NGN17.5 billion (USD150 million) for the first six months of 2008, up 101% year-on-year and in line with its growth projections, reports local newspaper Nigerian Tribune. At the end of June 2008 the company had 1.55 million subscribers, up from 624,000 twelve months previously, and looks on course to break the two million barrier by the end of 2008. Starcomms is forecasting a net loss of NGN197 million this financial year, but hopes to swing into profit in 2009.

- South Africa’ Allied Technologies Limited (Altech) announced that its telecommunications subsidiary, Altech Autopage Cellular, has signed a distribution agreement with Neotel. The partnership, which is effective as of the 27th of August 2008, will provide South Africaís new telecommunications network with a nationwide retail distribution point.