On The Money - In Brief
- Time has now been called on potential investors to subscribe to shares in Transnational Corporation (Transcorp), which owns 75% of Nigeria’s incumbent telco NITEL and its mobile subsidiary M-Tel. The initial public offer (IPO) of eight million nominal NGN0.5 ordinary shares, priced at NGN7.50 (USD0.06) each, commenced on 27 December 2006 and ran throughout January 2007, was extended until 14 February. Around 2,400 Nigerian companies and individual investors are thought to have become shareholders.
- Mobile operator, Orange Madagascar, announced that 97% of the company’s turnover is generated by its prepaid customers. The mobile operator has close to 650,000 subscribers and forecast to reach 1 million by the end of this year. Investments in Orange Madagascar’s network reached 18 millions Euros in 2006.
- Global telecommunications and technology operator British Telecommunications (BT) plans to finalise a joint venture with a local black economic empowerment (BEE) company before the end of the year as it positions itself to aggressively win corporate clients.