ZIMBABWE'S CELSYS BUYS COMSHOP AND LOOKS FOR INCREASED HANDSET SALES

Mergers, Acquisitions and Financial Results

 Celsys Ltd has acquired Comshop (Nokia Zimbabwe), the exclusive Nokia mobile phone agent in Zimbabwe, chief executive officer Gary Shayne said this week.  The acquisition is however subject to regulatory approval. The acquisition should boost the company's handset division - Celsys Comms. The division has the largest distribution base in Zimbabwe. Celsys Comms operates retail shops under the "Talkworld" brand name.

The acquisition of Comshop would however have no impact on the group's upcoming results that are expected out late July. The impact of the transaction is likely to be felt in the second quarter when the group factors in the Nokia sales and contribution of Comshop's repair centre.  "Celsys are now placed to move forward and grow not only this division which also includes the C-phone mobile payphone, but other divisions as well," said Shayne.

(Source : Zimbabwe Independent)