On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Regional GSM mobile and internet services operator Orascom Telecom Holding (OTH) announced its consolidated results for the first quarter ending March 31, 2003. Over the three-month period, total subscribers reached 4.8 million, an increase of 12 percent increase over the previous quarter.

- Ucingo, a black-led group which bought three percent of South Africa’s fixed-line operator Telkom, is handing the shares to its backers after failing to meet repayment deadlines.

- Nigerian telecommunication operators in the country would by the end of year 2003 have invested the sum of US$4 billion (N560 billon) into the nation’s economy. This investment binge, according to Mr. Wale Adeyemi, Chairman, Lagos chapter of the Chartered Institute of Bankers of Nigeria (CIBN) and general manager (finance), Nigerian Telecommunications Plc, Mr. M. S. Baba will continue into 2004 and finally slow down in 2005.