On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Celtel has secured a $70 million (about Shs128b) funding for its expansion plans in Tanzania. In addition, it is anticipated that Celtel Tanzania will access an additional $15 million (about Shs27b) in early 2007 through a roll-over facility to be provided by the lenders from the banking syndicate involved, allowing the company to further fund its desired development. The loan will repay over a four-and- a half-year period. Standard Bank Plc is the global arranger of the facility, while Stanbic Bank Tanzania Ltd and CRDB Bank Ltd in Tanzania acted as local arrangers.

- China is further investing in Africa telecommunications market following the signature of a memorandum of understanding with the government of Angola about an additional credit loan estimated at USD 2 billion.

- The South African Competition Appeal Court dismissed an application by a black economic empowerment grouping representing youth in business from derailing Vodafone's R20bn acquisition of VenFin, including its 15% interest in SA's largest cellphone company, Vodacom.