On The Money - In Brief
- Camtel, Cameroon national incumbent is up for sale. The ministry of the Economy and Finance has invited strategic partners to make their proposal to acquire 51% of Camtel. The sale includes such assets as Camtel’s stake in SAT3 and the fibre network cables running alongside the oil pipeline between Chad and Cameroon. Camtel has also a mobile phone license which the new owner will be able to use to deploy a mobile network.
- South African cellco Vodacom has failed to gain a footing in the Nigerian market once again, after pulling out of talks with mobile operator Vee Networks (V-Mobile) saying that the asking price was too high. Vodacom was rumoured to be looking to buy a 51% stake in the cellco for around USD250 million. It has been trying to enter the Nigerian market for several years, ever since its rival MTN witnessed strong growth at its own Nigerian investment. Vee Networks is 60% owned by private investors and 40% by state-controlled investment companies. Its biggest shareholders are First Bank of Nigeria (20.1%), AKIIPOC (18.1%), Broad Communications (13.1%), Delta State Ministry of Finance (10.7%), Ibile Holdings (10.7%) and O&O Networks (10%).
- Pan-african cellular operator Celtel is reviving its plans for a London listing, with its new owners planning to float some of Celtel's shares as a way to fund future acquisitions. Celtel was headed for the London Stock Exchange last year before it received private competing bids from MTN and Kuwaiti operator MTC. After a legal clash following MTN's insistence that its bid of $2,67bn had been accepted by the Celtel board, MTC triumphed with its higher bid of $3,3bn. Now MTC aims to extend its listing in Kuwait by spinning off some shares in its Celtel subsidiary -- on the London and Dubai exchanges.
- Africa's biggest media company Naspers has bought Philips Electronics' CryptoTec unit to expand its encryption technology business used in pay-TV decoders, Naspers said on Tuesday. Naspers said CryptoTec would beef up its own Irdeto encryption technology business, giving it a foothold in 10 new markets.