On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Celtel Uganda is to invest Ush70 billion ($40 million) in its network expansion project. The money will be sourced from a $40 million loan advanced by International Finance Corporation (IFC). In the expansion, Celtel will roll out additional sites that will see its coverage increase to 90 per cent.

- Transcentury Limited (TCL), a Kenyan-owned investment group acquired Kewberg Cables & Braids, a South African firm and ABB Tanelec, which is based in Tanzania.

TCL has bought 100 per cent of the shares in the South African firm and 70 per cent of the Tanzanian firm. The South African acquisition is expected to give TCL a significant exposure to a much bigger electronic components and instrument market .

- According to Rwanda’s “New Times” Celtel , Vodacom, Lap Green Network, Bitmap from Libya and Vitel Holdings from Hong Kong have expressed interest in buying Rwandatel, the renationalised Rwandan incumbent.