Celtel Update

According to this article (subscribers only) in the Economist:

  • Celtel is still not profitable in East Africa (Kenya, Uganda and Tanzania)
  • Even after earning about $700 million after selling the company this month, Celtel founder, Mohamed Ibrahim will still be in charge of African operations
  • Ibrahim’s relations with in Kenya are not as good these days
  • Meanwhile Celtel Kenya emploees are salivating over the $18m award to staff from the sale. They have calculated that, if awarded evenly, they will all receive at least 200,000 shillings.

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