On The Money - In Brief
- Quadrem Africa, an online trading hub for the mining industry, had merged with TradeWorld, creating a bigger and black-owned trading hub. The merged entity would create the largest marketing entity in Africa, "with a potential for future growth". "Quadrem Africa plans to be a premier service provider to connect global and local buying organisations with (the) SME community," the company said.
It said it had plans to expand to other African countries.
- Pan African telecommunications group, Celtel International is investing over US$700 million (about Ush1.29 trillion) into its Nigeria operations to improve network coverage through the erection of 1,000 new base stations and to bring the latest mobile network products to their customers.
- Six companies have been pre-qualified in the sale of the Gilgil Telecommunications Industries (GTI). They are the Kenya Power and Lighting Company (KPLC), locally based Timber Treatment International and Muringa Holdings. Others are Electronic Tech Company of Egypt, South Africa's Treated Timber Products, and Tanzania's Sao Hill Industries.