Mergers, Acquisitions and Financial Results

It is now a month since the clients of the CI’s third mobile operator have said anything to its subscribers, writes Adediha Kokou, News Update’s CI correspondent. More than a month has passed since it has been possible to call or receive calls using the network. The situation shows no sign of being resolved any time soon.

This is the Nth time that Ivorian justice has waltzed between the interests of Alexandre Galley, MD of GA Holdings which has a 51% share of CORA, and its other shareholders (Comstar SA) who are believed to have used American investment to buy their shares. The latter are threatening to quit the country if the dispute is not resolved.

The Court of Appeal ruled that the Comstar SA is directly responsible for the running of the company, whilst the Supreme Court ruled in favour of GA Holdings. Alexandre Galley was installed back as MD "manu militari". A couple of cudgel blows here and a couple of blows there were enough to enthrone him as MD, not forgetting the documents seized. However a few days later the Supreme Court changed its mind and issued a counter-decision saying that the Comstar shareholders were really in charge. Therefore at present there is no MD at the helm of the company and the victims have been the subscribers and employees of the company. Most subscribers have defected to Orange and Telecel over the last two months. Meanwhile a reliable source tells us that French mobile operator Bouygues Telecom may come in to pick up the this space.