On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Eygpt based, Orascom Telecom has agreed to refinance a tranche of its debt with a new US$2.5 billion five-year debt facility with 12 Egyptian and international banks. The company said that the Facility will be used to refinance the outstanding amounts under the company’s existing US$ 2.5bn jumbo facilities and for general corporate purposes.

- The Nigeria Communications Commission (NCC) said last week that investment in the mobile phone sector has grown from US$50m in 1999 to US$11.5b in 2007.

- Emerging Capital Partners (ECP), an international private equity firm focused on investing in the African continent, has announced a USD20 million investment in Cellcom Telecommunications (Cellcom), a wireless network operator with operations in West Africa. The funds will be used to expand Cellcom's existing network in Liberia and allow it to launch services in Guinea and Sierra Leone.

- South Africa’s Communications Minister Ivy Matsepe-Casaburri has published proposed guidelines to compel a 51% African shareholding in any company that lands a submarine cable in the country. South African partnership is secured by the requirement that the operator must have an electronic communications network service licence registered in terms of South African law. These requirements will not apply retrospectively to the consortium that operates the existing Sat-3 international submarine cable, and which includes Telkom. However, it will apply to any new cable that will connect with Sat-3.