On The Money - In Brief
- Investcom has announced that it has finalised the terms of its increased ownership in its Yemen and Sudan subsidiaries. Investcom agreed to acquire an additional 30% interest in Bashair Telecom Co., its Sudanese operations. This transaction takes Investcom's total stake to 85%. After just five months of operations in Sudan in December 2005, Investcom has reached gross operating revenues of more than US$20 million with a market share of 12%.
- The Egyptian Company for Mobile Services (ECMS), which offers services under the brand name MobiNil, has reported a 21% hike in net profit for the first quarter of 2006, up to EGP311 million (USD54 million), on the back of a 14% rise in revenues to EGP1.4 billion. EBITDA rose 11% to EGP702 million. MobiNil launched EDGE services during the quarter and introduced Egypt’s first pre-paid call plan offering per-second billing. It ended March with 6.965 million mobile subscribers.