On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The Kenyan government raised Sh2.5 billion (about US$35) from airtime charges in the first seven months of the year, according to the Central Bank of Kenya (CBK). Airtime revenues rose by 34.2 per cent in line with the increase of mobile subscribers. In the September issue of the Kenya Monthly Economic Review, the bank attributed the rise to telecommunications sector's strong performance. During the same time last year, Sh1.87 billion (US$26) was realised.

- In South Africa, Business Connexion has spoken up to quell concerns that Telkom may lower the amount it has bid to take over the company as its proposed acquisition drags on into next year. Mergers and acquisitions executive Andy Tompkins said the terms of the deal did not include any possibility for Telkom to lower the R2,34bn price tag, or R9 a share plus a dividend of 25c.

- Namibian Post and Telecom Holdings Ltd (NPTH) made history by handing over a staggering dividend of N$648 million (US$87.8 m) to the Government. The dividend, said to be the largest ever paid to the State by any parastatal, was boosted by the proceeds of the sale of 34 per cent of the country's first cellphone operator, Mobile Telecommunications (MTC), to Portugal Telecom. Portugal Telecom acquired the stake in MTC for N$1 billion in July.

- According to local newspaper, the Nation, the intended sale of government's 9 per cent stake in Safaricom to British mobile phone service provider Vodafone could take longer as the two parties haggle over its value. Though he is categorical that the talks have not hit a deadlock, Information and Communications Minister Mutahi Kagwe says the two sides have not agreed on price.

- The European commissioner in charge of development and humanitarian aid, Louis Michel, announced the European Union`s commitment to earmark some 6 billion euros for infrastructure development in Africa in the coming years. Michel, who was speaking stressed that he followed the example of the New Partnership for Africa`s Development (NEPAD) to launch the funding of infrastructure in Africa.