On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Kuwaiti operator Wataniya Telecom has announced the closing of USD490 million medium-term financing for its Algerian mobile arm Wataniya Telcom Algerie (Nedjma). The investment, which is on top of a previous injection of USD421 million, is to be used to expand and upgrade the cellco’s GSM network across the country. The Nedjma network was launched in August last year and claimed to have 700,000 subscribers at the end of June.

- A Nigerian Federal High Court Judge, Justice Isaac Ejiofor, last week fixed October 26, for ruling in a preliminary objection brought by 21 shareholders of Econet Wireless Nigeria (EWN), now Vmobile, asking the court to decline the jurisdiction to entertain a suit filed by Econet Wireless Limited (EWL), over a shareholding disagreement between it and EWN.