On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Nigeria’s Visaphone Communications has acquired International Phone Networks ITN for N3 billion.

- Results posted by Mincom Limited, Australian software developer and global provider of software to asset intensive industries, showed the company’s African operations have seen significant growth in the last financial year. Mincom, internationally, reported a record full-year profit of $22.171 million before tax and non-recurring costs for the year ended 30 June 2007 - almost double the 2006/07 financial year result of $11.311 million. Mincom’s operation in Africa saw significant growth during the same timeframe, with a 170% increase in software licence revenues and a doubling of its profit for the year. Mike Evans, managing director of Mincom Africa, India and Middle East said: “We signed ten major new mining customer contracts this year, most notably African Copper, Umcebo and Lonmin Platinum. These new clients contributed heavily to our licence revenue growth, and helped us contribute substantially to the organisation’s overall profitability on a global scale,”

- South Africa’s Altron group has posted continuing strong results for the six months ended 31 August 2007 driven by exceptional growth in the Powertech businesses and satisfactory performances from Altech and Bytes, resulting in a 32% increase in revenues and a 38% increase in headline earnings per share.

- Zimbabwe’s foreign currency inflow from the telecommunications industry slumped 42 percent during the first eight months of the year due to escalating use of illegal routes handling incoming international calls.