On The Money - In Brief

Mergers, Acquisitions and Financial Results

­The Kenyan government has announced plans to scrap a law which had required foreign firms to have local partners if investing in the telecoms industry. Under the current system, any investor has to allocate at least twenty percent of the company to a local partner, which has caused problems raising this level of local finance in the past.

- Soulco Kenya officially took over the operations of Siemens Enterprise Communications (SEC) in East Africa. The enterprise solutions provider plans to spend 20 million Kenyan shillings (US$279,916) to upgrade the office, which will serve regional operations. SEC serviced mobile phone companies in the region, and Soulco is hoping to continue with SEC's contracts.