On The Money - In Brief

Mergers, Acquisitions and Financial Results

- CS Holdings has acquired First National Bank’s (FNB’s) IT customer services division, including all operational assets and liabilities as well as 280 staff.

- Safaricom Limited, Kenya’s leading mobile phone operator, recorded a 63.13 per cent increase in profit for the financial year ending March 31 2003.

- Kuwaiti investment fund Al Atheer has taken a 4.47% stake in Sotetel, the Tunisian phone company.

  - MSI Cellular, one of the companies seeking to launch a third mobile service in the country may buy 60 per cent of Vivendi shares in KenCell Communications Limited instead.

- The Minsitry of Telecommunications announced that 5 international telecommunication companies have committed to invest approximately US$286 million in Egypts telecommunication services and infrastructure over the coming three years, accordingly expected to create 884,000 new jobs, and generate approximately US$517 million in associated revenues.