On The Money - In Brief

Mergers, Acquisitions and Financial Results

- According to the Ghanaian newspaper Daily Guide, the board of national fixed line operator Ghana Telecom (GT) has secured a USD200 million bond facility from UK-based Iroko Securities to refinance its debt and fund improvement works to its fixed and mobile networks.

- Omnium Nord Africain (ONA), the Moroccan largest private holding, netted a USD 4.8Bn turnover in 2007, i.e. a 14.9% increase compared to 2006. ONA which also owns Wana (Morocco’s third telco operator) announced that its telecommunication subsidiary realised a USD 90.8 Mn turnover last year.

- East African Tea Trade Association is working on plans to introduce electronic tea auctions. The chairman, Francis Kiragu argues that "the world has become a global village, and we cannot continue transacting business as we did in the 60's or 70's. Business is now moving to the internet, and we want to be there also." The move would also reduce the negative influence of the Dubai Tea Trade Centre on Mombasa.