On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The First Africa bank has offered to finance a government bid of USD400 million for a 40% stake in Kenyan cellco Safaricom currently held by Vodafone of the UK. The government is likely to acquire its stake via Telkom Kenya, which is wholly state-owned and already owns the remaining 60% of the cellco.

- Egyptian cellco MobiNil has signed an agreement with the International Finance Corporation (IFC) to begin a programme supporting the development of small and medium sized enterprises (SMEs) in the country. The project will target MobiNil’s clients and provide training for managers of small enterprises on key business management skills. The cellco hopes that the scheme will help it to crack the SME market, with it claims has huge potential for growth.

- According to Information and Communications Minister Raphael Tuju, the privatisation of Telkom Kenya is back on course. Tuju on Wednesday received a final report from audit firm PKF Consulting on how the sale should proceed and says he plans to begin the process straight away.