On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Allied Technologies (Altech), the telecommunications equipment maker, yesterday reported a 5 percent rise in attributable earnings to R154 million for the six months to August. A series of acquisitions had boosted the company's earnings potential, it said, and from an empowerment perspective, it was now well positioned. The deal with Zimbabwean-owned Econet Wireless Ventures to create a jointly controlled South African telecoms investment holding company would involve a net outlay by Altech of R460 million. This would be funded from cash resources. Altech said: "This signifies Altech's entry into the market as an international cellular telecoms network operator."During the period, Altech sold a 28 percent stake of Namitech and a 25 percent stake in Altech Data to Pamodzi Investment Holdings.

- Bytes Technology Group (BTG) announced an increase of 48% in headline earnings per share to 37 cents for the six months to 31 August 2004. This was achieved on the back of an improvement in operating income by 26% from R77 million to R97 million, coupled with a reduction of 27% in finance costs to R8 million from R11 million.