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Rica cost cellphone firms millions

Jul 06 2011 16:36 Reuters

Company Data

Mtn Group [JSE : MTN]

Last traded R134.80
Change R1.65
% Change 1.24%
Cumulative volume 151,755
Market cap R254.09bn

Last Updated: 28/05/2012 at 09:25. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Vodacom [JSE : VOD]

Last traded R104.30
Change R0.80
% Change 0.77%
Cumulative volume 35,928
Market cap R155.19bn

Last Updated: 28/05/2012 at 09:26. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Pretoria - South African wireless phone operators forked out more than R800m on marketing and new staff as they rushed to register customer simcards under a new law in the country, they said on Wednesday.

Under the Regulation of Interception of Communication Act (Rica), cellphone simcards had to be registered by June 30, or risk being cut off from the network.

MTN Group [JSE:MTN] and larger rival Vodacom Group [JSE:VOD] spent about R250m each on the exercise, while unlisted Cell C said it invested between R300m and R400m.

Under the new law, the government requires cellphone cards to be registered to a name and an address to make it easier to trace users in the fight against crime.

 

 
 
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It pays to know the cost and what you’re getting in return
May 28 2012 09:33

Investors may not have a clue what they’re paying their money managers or they type of service they’re getting, or, whether they can actually negotiate lower fees. (Reuters)

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