On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Togo Telecom has extended its deadline to February 8th to complete its international loan funding round. The national incumbent is looking to raise 20 billions CFA francs but so far it has only secured 7 billions CFA francs, 6 of them coming from national investors. The loan is believed to be over 7 years and this period is seen as too long, particularly given an unattractive interest rate of 6.5%.

- In an interview to local Nigerian newspaper, This Day, the Executive Vice-Chairman of Reliance Telecommunications Limited (RELTEL), Kenneth Aigbinode, confirmed that the company was not excluding foreign investors to sustain its growth plans to extend its CDMA network. Aigbinode claims that Reliance has the most extensive footprint of any CDMA operator in Nigeria with in 17 cities and towns.

- South Africa based mobile services company, Celcom Group has announced that it has acquired a 50.5 percent interest in the business of Nile Com for about R9.4 million (US$1.3 million). Nile Com is an exclusive MTN dealer in Uganda, and is currently owned by the chairman of MTN Uganda. Specifically, Nile Com operates seven MTN branded retail outlets selling mobile telecoms products and controls 1,200 sub-dealers.