On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Telecom Egypt (TE) has recorded a 9% increase in 1Q sales to EGP2.4 billion (USD426 million) compared to the same period of 2006. Net profit increased 22% to EGP585 million while EBITDA rose from EGP1.25 billion to EGP1.35 billion. Operationally, ADSL was the star performer, recording a 20% increase in the three month period (186% in the year) to 111,030, to give it a 46.5% share of the country’s broadband market.

- Mobile service provider Econet Wireless is set to join the growing list of companies proposing share buyback schemes at the company's annual general meeting scheduled for later this month.

- Kenya's only listed ICT company, AccessKenya, has announced the successful completion of its initial public offering (IPO) with significant oversubscription of the offer. However, the company will announce the exact level of oversubscription and details of allocations on May 24 once all applications and payments have been fully reconciled. Shares in the AccessKenya Group are expected to start trading on the NSE on June 4.

- South Africa Datatec says it will announce two substantial acquisitions in Africa in the coming month, taking it into about a dozen countries in anticipation of a "telecoms gold rush".

- Lowe Scanad Uganda, a subsidiary of Scangroup Limited has acquired certain business and assets of Redsky Uganda. "This acquisition fits within our plans to consolidate our business in the East African region and particularly having a foothold in the telecommunications sector in Uganda", said Scangroup Chief Executive Officer Bharat Thakrar in a press release on Wednesday.