On The Money - In Brief
- Econet Wireless International is confident that its long-running shareholders dispute with VMobile (formerly Econet Wireless Nigeria) will be resolved within the next few months. The arbitration ended on 3 February and a ruling is expected from the arbitrators within the next two to three months. The two organisations have been involved in a dispute that has been on the go for the past 18 months, following VMobile's decision to sell a 51% controlling interest in the Nigerian business to Vodacom SA, despite claims by EWI that it had preferential rights to those shares.
- Multinational business application software group SAP has agreed to sell a 25% stake in its South African operations to an empowerment shareholder. SAP Africa MD Claas Kuehnemann says the board of German-based parent company SAP AG has agreed in principle to sell the stake. No deal has been struck yet, but Kuehnemann says the search for the right broad-based black economic empowerment (BEE) partner is at an advanced stage. “SAP believes this step will help give further momentum to our efforts to meet our obligations in terms of the ICT charter and the Black Economic Empowerment Act,” he says. The deadline for the implementation of the ICT BEE charter is 1 March.
- Telecom Egypt's USD 343.6m offer of five year bonds has been swamped by investors who have sought bonds worth USD654, almost twice the amount on offer, reported Reuters. Telecom Egypt said funds from the issue will be used for investment and financial restructuring, involving retiring more-expensive debt.