On The Money - In Brief

Mergers, Acquisitions and Financial Results

- South Africa’s Industrial Development Corporation (IDC) has agreed to provide a loan facility of R300m to Cell C, the third cellular operator in SA, to finance capital expenditure, Business Day

- Orascom Telecom released FY02 results ending December, in which net income skyrocketed to record LE1,047 million compared to a net loss of LE435.3 million in FY01.

- SA’S Bytes Technology Group (BTG) has reported excellent results for the year ended 28 February 2003 despite the continued slack in demand for IT products and services. BTG managed to effectively mitigate these factors through market share gains, greater efficiencies and cost reductions, reporting revenue growth of 29% and increase in operating margin to 5.5% of sales.

- MSI Cellular has made a bid for a 60 per cent stake in Kenyan mobile phone services firm KenCell Communications, an official has revealed. The stake is being sold off by France’s debt-laden Vivendi Universal. The remaining 40 per cent share of KenCell is owned by the Kenya’s Sameer Group.