On The Money - In Brief
- Vodafone Egypt has acquired Sarmady Communications ("Sarcom") - the Cairo-based digital media specialist and one of the fastest growing online businesses in the Region. This deal accelerates the advancement of the Company's new revenue generating channels - Mobile Internet and Online Advertising.
- South Africa’s mobile operator Cell C's announcement of its half-year results (January to June 2008) confirms its continued strong growth, which was evidenced in its annual results for the year ended 31 December 2007. Total revenue has increased by R590 million, a rise of 17%. Cell C has also recorded a strong improvement in Operating profit of 36%, as compared to half year results of 2007 and Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of R517 million was achieved.
- The Safaricom refund saga is a total mess. According to the latest statistics from the Central Bank, cheques for a whopping Sh1.67 billion have yet to be refunded. Poor investors have been made to wait for months on end for their money. As a matter of fact, the refund process started way back on June 9, 2008.
- The Kenya’s telecommunication industry is set to be the biggest beneficiary of a Sh3.3 billion loan ($50 million) facility signed between two development finance institutions. The deal, between China Development Bank (CDB) and PTA, which is the largest line of credit the latter has ever received from a single institution, will support the bank's strategy in financing the growing industry.
- InfoDev has pubished a new report "Financing Technology Entrepreneurs & SMEs: Challenges and Opportunities". The report addresses the Role of Private Sector Finance in Scaling Up ICT-Enabled Innovation & Entrepreneurship in Developing Countries. For further information on the report or to download it visit http://www.infodev.org/en/Article.243.html
- Black empowered ICT resourcing group Paracon Holdings has agreed to purchase 36.3 million of its own shares from BEE shareholder WDB Investment. This will allow WDB to settle its R49 million debt with the Industrial Development Corporation (IDC) and hold its remaining 60 million shares in Paracon unencumbered, allowing WDB access to Paracon's dividends for the first time in five years.