I don't know about you guys, but I will be found downing some serious drinks to the sound of loud music tonight because of this news!
Here is the news story for those who haven't heard it...
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SNO to be granted licence in two weeks: Minister
It's SNO time!!!!
August 26, 2004, 16:47
South Africa's second national operator (SNO) will be granted a licence to provide landline telephone services on September 17, Ivy Matsepe-Casaburri, the communications minister announced this afternoon.
Briefing the media at Parliament, she said the SNO comprised Nexus Connexion Pty, Transtel, Esitel, WIP Investments Nine Pty Ltd (trading as CommuniTel), Two Telecom Consortium Pty Ltd, and the remaining unallocated equity shareholder.
The licence would be granted subject to:
-- acceptance of the shareholding and control structure of the SNO;
-- finalisation of and agreement on the business plan; and
-- finalisation of the shareholders' and subscription agreements.
Regarding the structure of the SNO, Matsepe-Casaburri said a new company -- SepCo -- would be incorporated, which would hold 51% of the equity share capital of the SNO.
Control of SepCo would be held by a new financial investor, which would have a 51% shareholding in SepCo. CommuniTel and Two Telecom Consortium would each hold 24.5%.
Transtel and Esitel would together hold 30% of the equity share capital of the SNO, and Nexus 19%.
The new financial investor would control the board of SepCo, which would in turn control the board of the SNO, she said.
The Independent Communications Authority of SA would now manage the integration of the SNO company and the finalisation of the licensing process.
"I will continue with the process of selecting a suitable investor for the unallocated equity," Matsepe-Casaburri said. - Sapa
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