On The Money - In Brief

Mergers, Acquisitions and Financial Results

- South Africa’s State Information Technology Agency (SITA) says it has recorded a 44 percent increase in turnover for the year ending March 2003. SITA Acting Chief Executive Officer Ken Modise said the agency’s revenue increased by about R600-million to over R1.9 billion during the same period. Mr Modise added SITA’s net profit for the past year was R83-million, compared to the previous year’s loss of R51-million.

- Lagos State Government last week said a suit filed by Econet Wireless International against Econet Wireless Nigeria Limited was incompetent. The counsel to the state government, Mr. Lawal Pedro said in a preliminary objection that the court lacked jurisdiction to hear the matter. He alleged that the board of EWN was in breach of the shareholding agreement by considering an offer from Vodacom of South Africa as well as Telecell and Orascom Telecom to control the shares in EWN.Joined as defendants to the suit are: Delta State Finance Ministry, Akwa Ibom State investment and Promotions Council, Lagos, State Govern-ment, Oba Otudeko, First Bank of Nigeria Plc, 0&0 Networks Limited and Cell Shops Limited. Others include: First City Asset Management Limited, Mobolaji Balogun, Ayo Adeboye, S&D Ventures Limi-ted, All Speak Nigeria Limited, Millennium Wireless Limited, Boye Olusanya, Leadway Assurance Limited, Foluke Otudeko, Tunde Hassan Otudeko, Cards Investment Limited, Browley Investment Limited, Browley Asset Management Limited and Borad Communications Limited.

- At a shareholders meeting in Johannesburg last week the majority of Softline shareholders voted to accept the offer of R2 per share tabled by the Sage Group plc, a FTSE 100 accounting and business management software company.The R2 cash offer places a value of R785m on Softline.