KENYA - CELTEL LAYS OFF STAFF AS BONDS START TRADING

Telecoms

Celtel Kenya's US$60 million) bond started trading at the Nairobi Stock Exchange last Thursday, just a day after the mobile telephone operator announced plans to lay off 72 employees in what it said was "part of the efforts to reposition the company for future growth."

The company chief executive officer Gerhard May, said the restructuring was in line with the firm's push to accelerate the pace of transformation into a leading cellular mobile phone operator. The firm has a workforce of 613 people.

The East African