On The Money - In Brief

Mergers, Acquisitions and Financial Results

- MTN said last week it was selling 50% of its stake in Areeba, which trades as MTN Cyprus, for an undisclosed sum to local investors Amaracos Holding.

- The Mozambican government is planing to sell shares in its mobile operator Mocambique Celular (mCel). The operator is currently 100% state-owned company via Telecomunicacoes de Mocambique (TDM) and a holding company Instituto de Gestao de Participacoes do Estado (IGEPE). A date has not been set for the initial public offering (IPO), nor has the proportion of the company that will be made available to investors been revealed, but it is expected to be at least 20%.

- Reuters reports that UAE incumbent Etisalat has bought an additional 12% of Atlantique Telecom, which manages operators in the seven West African countries of Benin, Burkina Faso, Gabon, Niger, Togo, Central African Republic and Cote D'Ivoire. The deal, for which no financial details were revealed, brings Etisalat’s interest in Atlantique to 82%. Etisalat operates Atlantique through a ten-year management contract ending in April 2015.

- South Africa’s listed ICT group Spescom announced revenue growth of 11.7%, to R162 million, for the six months ended 31 March. Operating profit increased to R4.9 million, compared to breakeven in the comparable period, while headline earnings increased by 6.5%, to R3.1 million, during the interim period.

- Econet Wireless has bought out the shareholding of Eskom Enterprises in Telecom Lesotho. Econet bought the stake after Eskom Enterprises, the investment arm of Eskom, decided last year to sell its shareholding as part of its strategy to exit non-power businesses.