On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Mobile Telecommunications Group (MTC) said Monday that it has become the holder of 100 percent of the outstanding shares of Celtel International B.V. following the final payment of $467 million. The payment finalized a binding agreement entered into with the shareholders of Celtel in April 2005 to acquire the remaining 15 percent.

- According to Zakes Mnisi of the Local Organising Committee,  South Africa will spend between R2 billion to R5 billion on Information and Communication Technology (ICT) infrastracture required to host a successful 2010 FIFA World Cup.

- Econet Wireless Zimbabwe is seeking to float 10% of its shares to overseas investors in a bid to raise more than USD20 million in foreign currency for further network expansion.

- Business Connexion has concluded an agreement with India's KPIT Cummins, which will see it working with a global partner to strengthen its delivery capability in the application services and business process outsourcing (BPO) fields.