On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Côte d’Ivoire Telecom (CIT) has raised 7.5 billion CFA francs (US$15 million) funding through an international bond issuance organised by City Bank in five countries member of the West Africa Economic and Monetary Union. The money will be used to modernise CIT network and improve service delivery.

- Botswana’s Chief Executive Officer of Public Enterprise Evaluation and Privatisation Agency (PEEPA), Joshua Galeforolwe has announced that the privatisation of Botswana Telecommunications Corporation (BTC) is scheduled to be completed by the end of this year. He went on to indicate that privatisation of BTC involve sale of shares to strategic equity partner; allotment of small proportion of shares to citizen employees of BTC on deferred payment terms; warehousing of shares in privatisation Trust Fund for sale to Botswana at a later date and retention of shares for sale to public through the stock market listing.

- Itsalat International Company (i2), the largest mobile phone distribution company in the Middle East and Africa with operations in as many as 23 countries, plans to come out with an initial public offering towards the end of 2008.