On The Money - In Brief
- South African mobile phone operator MTN Group said it has paid $3.6 billion for its first settlement in its takeover of international mobile phone company Investcom. MTN confirmed that it has now received acceptances from 99.5% of Investcom's shareholders. This takeover represents one of the largest ever payments by a South African company for international assets, MTN said in a statement.
- Vodafone Egypt has posted a 57% rise in its fiscal first quarter net profit in the three months to the end of June. Net profit reached EGP525 million (USD91.2 million), on revenues up 37% to EGP1.74 billion, whilst EBITDA rose by 39% to EGP948 million. The company's mobile customer base rose by 57% year-on-year to 7.1 million, including 6.9 million active customers. Pre-paid users grew by 66% to 6.43 million, accounting for 91% of the total, whilst contract customers increased by just 3% to 655,000. Twelve-month blended ARPU, excluding visitors, fell by 17%, mainly due to a larger proportion of pre-paid customers; pre-paid ARPU fell by 5% and post-paid ARPU rose by 8%. Total voice minutes for the quarter increased by 45% to reach 2.9 billion minutes.