Company news

MTN's Ghana unit to raise nearly US$750 million in IPO

The Ghana business of telecoms operator MTN is seeking to raise 3.47 billion cedis (US$743 million) in a 35% initial public offering (IPO) to be launched on Tuesday, transaction sources said.

MTN will sell about 4.63 billion shares of its Ghana unit in what is expected to be the West African country’s largest IPO at 0.75 cedis per share, the sources said.

-Nampa/Reuters

Kenyan regulator could force Safaricom to share agents' network

Kenya’s largest telecoms operator Safaricom could be forced to offer rivals access to its transmission sites and its vast network of mobile money outlets if a draft regulatory report on boosting competition in the sector is implemented.

The recommendations are contained in a draft report that the regulator, Communications Authority of Kenya (CA), is finalising, an official from the regulator told Reuters on Monday, declining to say when it would be published.

-Nampa/Reuters

Steinhoff Africa Retail interim profit lifts 12%

Steinhoff Africa Retail (STAR) said on Tuesday half-year profits were up 12% supported by strong growth in its Ackermans brand and the turnaround of the retail JD Group, but it was slowing its expansion in Africa.

Headline earnings per share, the main profit measure used in South Africa that strips out once-off items, for the six months ended 31 March 2018 rose to 52.6 cents per share compared with 46.9 cents in the comparable year ago period.

-Nampa/Reuters

LG baits SA with 'good value' G7 ThinQ

LG has launched its new G7 ThinQ in SA in a bid to give its mobile business a boost.

The brand, which registered an operating loss of US$126.8million in mobile in the first quarter of 2018, will be pushing sales of the G7 ThinQ in the near future.

"In the coming months, we will be executing special hero promotions with the networks. This will ensure customers easily understand the product features and where to get the device," Deon Prinsloo, general manager of mobile, LG South Africa, told Fin24.

-Fin24

Kenya Air CEO open to SAA pact

Kenya Airways could cosy up to rival South African Airways (SAA) as the embattled companies seek to narrow the gap with Ethiopian Airlines Enterprise.

The Nairobi-based airline views a closer relationship with SAA, the No. 2, as a possibility amid turnaround efforts at the unprofitable operators, chief executive officer Sebastian Mikosz said in an interview.

Mikosz said he has spoken with Peter Davies, the restructuring expert recruited by the South African carrier last year, to see "what we can do together."

-Fin24

Nestle to cut 500 jobs in Switzerland

Nestle plans to eliminate up to 500 information technology jobs at its Swiss home base as its shifts work to an existing tech hub in Spain and other locations, the food and beverage giant said on Tuesday.

None of the group’s Swiss production sites will be affected by the plan, which is being presented to staff for consultation, it said in a statement.

Its Nespresso coffee business also plans to establish operational centers in Spain and Portugal to benefit from existing Nestle e-commerce and supply chain hubs, and intends to create a center for boutique operations in Italy too.

-Nampa/Reuters