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Weekly News Digest
March 26 – April 1, 2006


African Stock Fund Seeks Listing on Irish exchange
Gaborone-based, Imara Holdings plans to list its African Opportunities Fund on the Irish Stock Exchange by June. The $8 million fund invests in companies in Zimbabwe, Zambia, Kenya, Malawi, Mauritius, Nigeria, South Africa, and Egypt. It has posted an 8% return after fees since its inception in July 2005.


Kenyan stocks revive after KenGen IPO
The IPO of Kenyan electric utility KenGen triggered a broad sell-off of other companies listed on the Nairobi Stock Exchange as thousands of investors divested from other shares in order to add KenGen shares to their portfolios. These stocks have now begun to recover as investors perceive value. Falling interest rates have also buoyed the market.

Kenya Airways starts additional flights
Kenya Airways will soon begin scheduled service to Freetown, Sierra Leone and Asmara, Eritrea. This brings its total destinations to 34. The airline is also considering a scheduled flight to Paris.


MTN loses Namibian cellular deal
MTN lost its bid to buy a 34% stake in Namibia's only cellphone provider, MTC. The Namibian government awarded the shares to Portugal Telecom instead. Terms of the deal were not announced.

South Africa

Rising gold price propels Johannesburg Stock Exchange to all-time high
Gold hit a 25-year high this week and the outlook remains positive for the metal. The JSE all share index responded with record highs of its own.

Telkom's Business Connexion deal challenged
Over 100 internet service providers plan to fight Telkom's proposed buyout of IT firm, Business Connexion. The ISPs argue that the deal would give Telkom, South Africa's incumbent telephone company, an unfair advantage in the IT industry.


Inflation rates below 5%
February's inflation rate came in at 4.63%, a marked drop from 5.52% just one month ago.


Debt relief to result in big savings for Uganda
Cancelled World Bank and IMF debt repayments will result in $79 million in savings next fiscal year. The debt relief came as a result of promises made by the Group of Eight nations in Scotland last year.

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