An obscure ZIM in Africa traded Down Under Message Board

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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under

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To: TobagoJack who wrote (639)	1/20/2003 8:20:25 PM
From: TobagoJack	of 867

China Telecom eyes South Africa Tuesday, January 21, 2003 biz.scmp.com HUI YUK-MIN The fate of China Telecom's ambitions to extend its reach through a stake in a telecommunications licence in South Africa will be determined next week. The Independent Communications Authority of South Africa (Icasa) council is to meet on Monday to discuss public comments on the two bids for the 51 per cent stake. Shanghai Telecom, a unit of Hong Kong-listed China Telecom, is bidding through Optis Telecommunications. Shanghai Telecom owns 6 per cent of Optis through a subsidiary. The Optis bid will not be helped by an unfavourable consultant's report which said it had failed to provide the required ownership details and that there was considerable confusion about Shanghai Telecom and its relationship with China Telecom. The consultant, Next Generation Consortium, was employed by Icasa to analyse the two bids. It found Optis' application "appears to have contravened" certain requirements and was "materially deficient". Icasa spokesman Siyabonga Madyibi said it would make a recommendation to Communications Minister Ivy Matsepe-Casaburri on January 31 whether either of the bidders should be chosen. Last year, the South African telecommunications regulator invited bids for the stake in a new full-service licence. The licence issue is part of Icasa's plan to liberalise the country's telecommunications sector by breaking the monopoly of incumbent operator Telkom. A Shanghai Telecom official refused to comment on the bid. The only other bidder is Goldleaf Trading, a company formed by former executives of British-based BT Group, US carrier Gateway Communications and Nigerian Telecom Africa International. The consultant said Goldleaf's bid also had inadequacies. "Both applicants [Optis and Goldleaf] are unfunded cash shells, neither applicant has shown that it could commence business if awarded the licence on 31 January 2003," it said.

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