On The Money - In Brief

Mergers, Acquisitions and Financial Results

- In Kenya, some investors of the Safaricom Initial Public Offering (IPO) are yet to receive their share refunds over a month after the results were unveiled. The investors from Eldoret complained that some of the brokers were reluctant to refund their money following over-subscription of the shares.

- Celtel Kenya says it is planning to invest KES25 billion (USD370 million) over the next few years to expand the coverage of its wireless networks. ‘These investments will enable us to provide quality services for our growing number of subscribers in Kenya,’ said new managing director, Rene Meza, last week. The Kenyan mobile sector is currently home to just two players – Celtel and market leader Safaricom – but two new operators are expected to launch this year in the shape of Econet Wireless and Telkom Kenya, ramping up competition in the fast-growing market.