On The Money - In Brief
- Celtel is to invest 4.8 billion shillings in an expansion programme in Kenya expected to see it increase its share in the local market. The groups Chairman Naushad Meralli says the expansion plan will be funded by majority shareholder CELTEL international.
- The long awaited decision for Morocco to float 15% of Morocco Telecom has been finally approved after the President of the Finance Committee, Mustapha Hanine, made an announcement this was going to happen on Friday last week. A banking source close to the consortium that consults the Moroccan government said the subscription period will be between 22 November and 3 December. Morocco is hoping to raise just short of one billion dollars from the sale, according to Hanine. There is pressure on Morocco from the IMF to speed up the privatization process.