Just thought this would be an interesting read though the "subject to" listing is a little worrying but at least it feels like progress even if it isn't.
"It's all systems go for South Africa's second national fixed line telephone operator (SNO). Communications Minister Dr Ivy Matsepe-Casaburri, on Friday announced that she had granted a licence to the Second National Operator comprising Nexus Connexion, Transtel, Esitel, WIP Investments Nine (Pty) Ltd trading as Communitel, Two Consortium (Pty) Ltd and the remaining un-allocated equity shareholder, to provide public switched telecommunications services.
The licence is subject to the following conditions:
Acceptance of the shareholding and
control structure of the SNO
Finalisation of and agreement on the Business Plan
Finalisation of the Shareholders and Subscription Agreements
The minister said a new company would be incorporated which will hold 51 percent of the equity share capital of the SNO.
Control of SEPCo will be held by a new financial investor which will have a 51 percent shareholding in SEPco. WIP Investments Nine (Pty) Ltd trading as Communitel and Two Telecom Consortium (Pty) Ltd will each hold 24.5 percent of SEPco.
Transtel and Esitel will together hold 30 percent of the equity share capital of the SNO.
Nexus will hold 19 percent of the equity share capital of the SNO.
The minister has asked that the Independent Communications Authority of South Africa undertake the role of approving the applicants' submissions, including the shareholders agreement, business plan and, then, the licensing of the SNO entity.
The integration of the SNO Company will be the responsibility of the SNO Company Shareholders.
The minister added that she expects to finalise the process of selecting a suitable investor for the un-allocated equity soon.
Until now, the remaining stake has been warehoused after the government rejected would-be contenders for the stake after finding that they were not up to scratch."
Regards
Cerberus
"It's all systems go for South Africa's second national fixed line telephone operator (SNO). Communications Minister Dr Ivy Matsepe-Casaburri, on Friday announced that she had granted a licence to the Second National Operator comprising Nexus Connexion, Transtel, Esitel, WIP Investments Nine (Pty) Ltd trading as Communitel, Two Consortium (Pty) Ltd and the remaining un-allocated equity shareholder, to provide public switched telecommunications services.
The licence is subject to the following conditions:
Acceptance of the shareholding and
control structure of the SNO
Finalisation of and agreement on the Business Plan
Finalisation of the Shareholders and Subscription Agreements
The minister said a new company would be incorporated which will hold 51 percent of the equity share capital of the SNO.
Control of SEPCo will be held by a new financial investor which will have a 51 percent shareholding in SEPco. WIP Investments Nine (Pty) Ltd trading as Communitel and Two Telecom Consortium (Pty) Ltd will each hold 24.5 percent of SEPco.
Transtel and Esitel will together hold 30 percent of the equity share capital of the SNO.
Nexus will hold 19 percent of the equity share capital of the SNO.
The minister has asked that the Independent Communications Authority of South Africa undertake the role of approving the applicants' submissions, including the shareholders agreement, business plan and, then, the licensing of the SNO entity.
The integration of the SNO Company will be the responsibility of the SNO Company Shareholders.
The minister added that she expects to finalise the process of selecting a suitable investor for the un-allocated equity soon.
Until now, the remaining stake has been warehoused after the government rejected would-be contenders for the stake after finding that they were not up to scratch."
Regards
Cerberus