On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Strong indication have emerged that the Federal Government may revoke the sale of Nigerian Telecommunications Limited (NITEL) to the Transnational Corporation plc (TRANSCORP) as the Senate and the government endorsed a review of the deal.

- Etisalat, the UAE's leading telecom operator, plans to invest $5.5bn in Africa, including $4.1bn in East Africa and $1.4bn in West Africa, reported Gulf News. The company's chairman, Mohammad Hassan Omran, said Africa is 'absolutely the next big battleground.' The telecom operator has already invested $4.5 billion in international expansion.

- Safaricom initial public offer moved another step on with the completion of a draft information memorandum to be presented to the capital markets regulator. In a statement Dyer and Blair deputy managing director, Mohamed Hassan said that "they

expect the Capital Markets Authority (CMA) to respond to the team in a week's time (after presentation of the draft memorandum), so that we can embark on finalising the prospectus."

- Post Bank Uganda has entered into an agreement with Map International, the New York based multi-dimensional financial systems that link consumers, merchants, banks, mobile operators and service providers to deliver modern banking services throughout the country, particularly in rural areas.

- South Africa’s software company Zaptronix is selling 30% of its shares to Royal Bafokeng Capital in a deal that will qualify it as fully compliant with the government's black equity ownership demands.

- IFC, a member of the World Bank Group, has signed an agreement to take a 10 percent equity stake in WIZZIT trading as WIZZIT Bank, a division of South African Bank of Athens Limited, that enables users to operate bank accounts using mobile telephones. WIZZIT will use the funds to expand banking services for the poor and people in rural areas, first in South Africa and eventually in other countries. By providing access to financial infrastructure, it will help more people participate actively in the economy.

- According to The East African newspaper Uganda Telecom (UTL) is being restructured in order to prepare it for an initial public offering (IPO) in January 2009.