south african telecoms in 2010: high stakes for the big winners - may 2010

8/8/2019 South African Telecoms in 2010: High stakes for the big winners - MAY 2010

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May 2010

The Delta Perspective

The various elements

o the South Arican

telecommunications industry

are likely to combine and

result in an exciting and

dynamic year or this market

South African Telecoms in 2010:

Hih staks for th bi winnrsAuthors Andrw Snad Partner

Joao Sousa - PartnerTamm Whman PrincipalDta Partnrs Intinc Unit

Key HIgHlIgHTS

In 2009, mobile market subscriber

growth was stagnant due to the

implementation of the Regulation of

Interception of Communications and

Provision of Communication-Related

Information Act (RICA) and the

economic downturn

Whilst the broadband market grew

significantly, it continues to lag behind

international peers

Mobile players are investing heavily in

building HSPA data networks. Their

challenge is to maintain return on

invested capital (ROIC) especially if

prices erode

When compared with other markets,

current mobile voice prices indicate

potential scope for further reduction

although such matters warrant broader

consideration given other factors such

as low entry price

Vodacom, MTN, Cell C and Telkom

will soon be competing head to head

in the mobile and data space. It will

be challenging for all of the players to

be all things to all customers while

balancing expenditures and managing

international operations

In addition to broadband, we

anticipate mobile payments, social

networking and ICT enterprise services

to be key areas of growth areas for

2010. The latter is unlikely to be the

sole preserve of Telkom, Dimension

Data and other IT companies

Over-the-top players such as Google

and Apple will continue to become

more relevant in both the Consumer

and Enterprise market


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A ook at th hits and misses from our

2009 prdictions:

Prediction 1: MTN and Vodacom will continue to compete in corporate services but will

find it difficult to realise synergies with the mobile business due to organisational and

commercial differences

HIT: Vodacom was over-enthusiastic in its Gateway investment, taking more than

R3bn impairment on the investment, partially due to the negative impact of the

macroeconomic environment

Prediction 2: An international player may enter the mobile market via acquisition or a

new licence

MISS: SA players proved to be the ones moving abroad, not vice versa (although

Bharti came close, once again). However, it is possible that another player could

come in via an acquisition in 2010 or 2011

Prediction 3: Telecom infrastructure sharing will increase across South Africa (i.e., towersand sites, backbone fibre, submarine cables)

HIT/MISS: Some level of sharing at a tower and fibre level. However, this is only

the tip of the iceberg

Prediction 4: Telkoms nomadic W-CDMA offer will struggle to achieve significant results

HIT: The service has only a few thousand niche subscribers. However, Telkoms

big wireless bet is now the national 3G service to be rolled out in 2010

Prediction 5: Telkom will be placed under increasing pressure to deliver a clear strategy

HIT/MISS: A new strategy has been communicated, including the re-entry into

mobile, but the jury is still out regarding execution

Prediction 6: Several VANs will be forced to sell or merge as they will lack the cash to

make necessary capital investments

MISS: Perhaps the prediction came a bit early, but we can still expect

consolidation in 2010 for the ECNS licensees

Prediction 7: Several service providers will be eliminated, as their contracts will not be

renewed by the operators

MISS: Most consolidation or buy-out of service providers happened in 2008 and

not 2009. However, as margin pressures continue, we can expect operators to

negotiate commissions downwards

No look at South Africa in 2010 would

be complete without some mention

of the FIFA World Cup which has

set the imagination of the countrys

population and, indeed, that of Africa

alight. This year brings the worlds

greatest spectacle to the African

continent for the first time and there

is a high sense of excitement. The

announcement of South Africa as the

tournaments host sparked a positive

frenzy of infrastructure upgrading

and expansion, the likes of which the

country has not seen before.

The scope of infrastructure investment

does not merely include transport

and sports facilities, the country is

also heavily focused on increasing

its telecommunications capacity and

quality. However, the World Cup is not

the only impetus for the infrastructure

rollout. Increased competition,

Government encouragement for a

next generation telecoms sector

(capable of servicing the needs of

schools, universities, hospitals and

small businesses) and the recognition

of a significant wireless data

opportunity has resulted in material

investment across the industry.

Beyond infrastructure investment, the

South African telecommunications

industry has proved that change is

the only constant in the market, as

evidenced by the introduction of

RICA, formalization of the ECNS

licenses, a change of guard in the

Department of Communications and,

after much speculation, a reduction in

interconnect rates.

This white paper discusses various

elements of the South African

telecommunications industry and

how these are likely to combine to

result in an exciting and dynamic year

for this market. The paper will draw

on lessons learnt from international

peers and will give an overview of key

industry events that will shape 2010.

While challenges remain, 2010 is a

year in which the market is expected

to start fulfilling its potential.


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EXHIBIT 1: TELECOM PERFORMANCE INDICATORS

1Mobile subscriber lines includes mobile broadband due to nature o the subscription; 2 Includes ixed and mobile broadband; 3Includes ixed broadband, mobile broadband,mobile VAS and advanced messaging.

Source: Delta Partners analysis, Pyramid Research

South African telecoms inthe big picture

When reviewing telecom sector development in

2009, one could argue it has been a mixed year, yet

could have been much worse given the impact of

the global economic crisis on other sectors.

Whilst the voice market growth

was lower than previous years, thebroadband market (as predicted) grew

considerably, albeit from a low starting

point, reinforcing expectations of

considerable latent demand.

When looking at subscribers and

revenues, the fixed business has

declined, particularly in revenue terms.

Telkom attempted to mitigate the

subscriber loss impact on revenues

through the migration to calling plans.

However, it is clear that the fixed-line

market is an extremely mature businessand revenues will continue to erode due

to mobile and VoIP substitution.

Mobile, by far the largest contributor

of revenues, grew by around 8%.

Nevertheless, all operators experienced

less growth towards the end of

2009 principally due to the mobile

registration (RICA) process which both

limited gross adds whilst shaking out

the double-SIM market.


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EXHIBIT 2: TELECOM PENETRATION BENCHMARK

Source: ITU Source: WCIS

Source: Global insights, OECD, ACM

Consulting, CNNIC, TRAI, Telecompapers.com

Broadband was the growth leader

in 2009. Whilst starting from a

small base, the market experienced

significant growth in both fixed and

mobile broadband. However, mobile

has been (and will continue to be) the

predominant access technology. For

fixed line broadband to become more

relevant, local loop unbundling (LLU)

and/or fibre to the home (FTTH) will

need to become a reality.

When comparing with a selected peer

group of Argentina, Brazil, Ecuador,

Malaysia, Mexico and Turkey, the South

African fixed-line and broadband

penetration remains very low, especially

given the comparatively high mobile

penetration, reflecting the lack of true

competition in the fixed-line market.

This peer group was carefully selected

to ensure that comparisons were the

most reliable possible. The selection

comprised countries with a similar

population size, gross domestic product

(GDP) per capita, and population

density. All of these factors will create

different challenges to developing a

telecom industry.


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EXHIBIT 3: PEER COUNTRIES DETAILED BENCHMARK

*Note: Very limited deployment o highest speed

Source: Merrill Lynch Wireless Matrix Q3 09, IMF, OECD, WCIS, GSMA, JP Morgan, UBS,TMG MTR report, operator & regulator websites; Delta Partners analysis

Much has been said in 2009 regarding

the price of mobile communications

in South Africa. From a consumer

perspective, the comparative

effective price per minute supports

the commonly held view that prices

remain expensive and there is room

for further price reductions. Whilst

this is possibly true, one should also

consider other factors too.

Key considerations

Cost of entry - such as the price

of a handset and SIM card. South

Africa, in relative terms, offers very

low-cost SIM starter packs (costing

the customer very little, if anything)

and highly subsidised handsets,even for prepaid, which is a rare

Is mobile voice

communication in South

Africa really that expensive?practice worldwide. Consumers

have been taught by operators that

handsets are effectively free whilst

also offering attractive post-paid

promotions (including fridge freezers

and microwaves) to entice new

customers. Whether such customers

deliver positive value to the operator

over their respective contract period is

highly questionable

Cost to serve including urbanisation

and fuel costs. When viewed in a

global context, South Africa is not

a particularly dense country; it has

a medium degree of urbanisation

and has high energy prices (with

unreliable sources that call for

costly back-up alternatives) which

contribute to the cost per minute


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EXHIBIT 4: GLOBAL REVENUES (RPM) PER MINUTE BENCHMARK

Source: Merrill Lynch Wireless Matrix Q3 09; Delta Partners analysis

Note: RPM based Voice Revenue per Minute. CAPEX/sub based on average CAPEX over 5 last years divided by current subscribers

Attractive and prolonged prepaid

promotions. All players generally

offer attractive pre-paid promotions

(e.g. free on-net minutes for a given

recharge amount) that frequently

run for long periods or are quickly

superseded by alternatives. The true

effective rate per minute is therefore

lower than the published rate

Quality and customer experience.

Although the recent network

performance of all operators is not

without question, there is a significant

degree of investment taking place

which should, if executed properly,

deliver highly reliable, fast andinnovative services to the South

African market. Markets with the

lowest price per minute are often

characterized by low levels of

investment, innovation and quality

As illustrated in Exhibit 3, South

Africa already has one of the fastest

3G networks among its peers and

is now in the process of launching

infrastructure capable of delivering

21mbps. Generally, operators that

have invested in building advanced

high speed data networks have

tended to also have a comparatively

higher rate per minute. (See exhibit 4)

In summary, there are grounds to

suggest prices could reduce further

in South Africa although the debate

warrants broader consideration, beyond

price per minute, which is too one-

dimensional. We would recommendall factors are considered within the

assessment (including entry costs and

investment levels) to ensure the long

term objectives of price competitiveness,

quality and innovation are achieved.


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Infrastructure sharing

Operators need to move from rhetoric

to reality regarding infrastructure

sharing and optimized sourcing. Tower

sharing has been a popular and well

understood topic of debate for some

time but the market is yet to fully exploit

the opportunities. Telkom recently

announced its wholesale agreement

with MTN. Cell C is reportedly

conducting a process to sell-off and

lease-back its towers. However, given

the rate of infrastructure build-out

across the country, it is not clear that

enough is being done to fully exploit the

potential benefits at a time when the

upside could be at its greatest.

On the fibre side, Neotel spearheaded

an innovative network agreement, first

with MTN, and then with Vodacom, to

share the costs of rolling out a national

fibre-optic backhaul network. This

agreement has enabled Neotel to lower

CAPEX and decrease its dependency on

Telkom which has struggled to meet the

demands of all operators.

How can operators ensure

a return on investment?

Given the levels of infrastructure investment

coupled with price reductions and increasing

competition in a maturing market, operators need

to place greater scrutiny and focus on maximising

return on investment capital (ROIC).

Increasing focus on

wholesale and maybe

time for a new MVNO?

Given the current level of network

infrastructure deployment, operators

will be seeking to drive utilization

and monetize their investment. Price

reductions will drive an increase

in minutes of use (MOU), given

an assumed level of elasticity. The

expected explosion in downloading

(and uploading) of high-bandwidth

applications and content through

lower cost smartphones will also

create significant demand on network

resources.

However, operators will undoubtedly

seek to drive wholesale revenues, as

illustrated by the recent deal between

MTN and Telkom. Beyond such mega-

deals, operators could also position

themselves to serve the smaller niche

data players with wholesale-type

solutions. We expect the wholesale data

market to grow significantly given the


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low level of penetration and demand

for high-bandwidth services within the

Government, corporate and small and

medium enterprise (SME) space.

Another option is for operators to

launch additional Mobile Virtual

Network Operators (MVNOs), such

as Virgin Mobile. However, one must

consider if there is there room for

another MVNO alongside the new

entrant Telkom.

Handset subsidies

and channel partner

commission costsOperators need to address the high

subscriber acquisition costs in the form

of handset subsidies and sales channel

commissions. Our internal benchmarks

suggest that subscriber acquisition

costs in South Africa are materially

higher than some of its peers. The

middle-man has clearly enjoyed his

time in the sun but perhaps the pointhas arrived for operators to apply a

greater degree of pressure on activation

(and ongoing airtime) commissions and

handset subsidies.

Outsourcing and

moving towards a lean

operation

Beyond infrastructure sharing, operators

also need to determine how they can

reduce operational expenditure (and

improve capability) though optimizing

other sourcing decisions through

managed services and outsourcing

deals. Example areas include: finance

and accounting, order management,

facilities management, call centre

operations, network maintenance

and support. In addition to improving

capability and cost, such deals can also

help drive cultural change, a delicate yet

critical nettle for operators to grasp.

The impact of RICA

RICA was signed into law and

implemented across South Africa in July

2009. As part of the legislation, it has

become the responsibility of mobile

network operators to implement a

registration process whereby consumers

must provide proof of identity and

residence (passport and hotel address in

the case of tourists) when purchasing a

new SIM card.

While the rationale for the legislation

is laudable primarily to help law

enforcement agencies track criminals

the execution has resulted in a

number of issues.

Firstly, such a process impacts the

rural community significantly. It is

very challenging for rural people

residing in township settlements

to provide an acceptable proof ofaddress. The result is that many

rural airtime resellers have suffered a

material loss of sales, impacting rural

family wealth.

Secondly, the process is very open

to abuse. Any person may register

an unlimited number of SIM cards

and re-sell them on the black market

which undermines the core objectiveof the initiative itself.

Thirdly, the process has been marred

by technical challenges (including

the Gateway system and password

hiccups) which have inhibited

the registration process, severely

impacting the customer experience

and operator revenues.


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EXHIBIT 5: PENDING REGULATORY ISSUES

Inertia on the SA

regulatory front

The new presidential administration

brought with it a wave of Governmental

change, including the appointment of

Siphiwe Nyanda as the new Minister of

Communications. Mr Nyanda has set

out a clear agenda to address the issue

of competition within the South African

telecommunications market, proactively

pushing for competitive reform, not

always with the full support from the

Independent Communications Authority

of South Africa (ICASA), the industrys

regulatory authority.

The most notable area of progress

has been in relation to interconnect,

where termination rate reductions

have been implemented (an industry-

led agreement to reduce peak rates

from R1.25 to R0.89 following strong

Government coercion) and a proposed

roadmap for future reductions. Looking

ahead, greater clarity is required on

spectrum allocation and local-loop

unbundling in particular.

Looking ahead at thefuture of telecoms

Telecoms will continue to be a growth

industry in South Africa. The market

is undoubtedly maturing on the voice

side, yet significant future opportunity

remains. Fixed-line voice will continue

to fall, mobile voice will be relatively

flat, and broadband will drive growth.

Given that South Africa is so far

behind its peers in terms of broadband

penetration, we expect to see annual

growth rates around 20 per cent. The

year 2010 will be a key year for the

South African telecoms market with

existing mobile operators aggressively

focusing on mobile broadband and

Telkom entering the mobile space.


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Other growth drivers include

m-payments (a stickiness rather than

revenue generating proposition) and

the expansion of the information and

communication technologies (ICT)

sector. Telecom and IT spheres are

becoming increasingly entwined and

the current infrastructure investment

should catalyze the outsourcing and

managed services space, bringing

Telkom, the mobile operators, niche

data players and IT players (such as

Dimension Data and Internet Solutions)

into direct competition on the customer

side, yet underpinned by cooperation

on the infrastructure side. The era of

coopetition has begun.

As with other markets across the globe,

Google and Apple will also play an

increasingly relevant role with their

over-the-top business applications

suites. Naturally, they will also drive

consumer data usage through their

ever-expanding application libraries.

How operators extract value from

such applications is probably the most

relevant question in the industry today.

One of the key enablers to mobile

broadband growth is smartphones and

app-phones. The South African market

has been dominated by Nokia and

Samsung in recent years, both of which

offer smartphone-like devices targeted

more towards the middle to higher end.

Perhaps this stranglehold will be broken

by the increasing relevance of lower cost

manufacturers such as ZTE and HTC.

The future of

broadband is mobile

With fixed minutes in decline and very

low internet and broadband penetration

rates, it is clear the next area of growth

will be data. Broadband subscribers

are expected to reach over 9 million by

2013, representing an annual growth of

over 20 per cent for the next four years.

With a poor fixed-line infrastructure

and the high cost of access devices

(i.e., laptops and desktops), mobile

broadband with its instant connectivity

and the ever-decreasing cost of 3G

EXHIBIT 6: EXPECTED GROWTH IN TELECOM INDUSTRY

Source: Delta Partners analysis


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EXHIBIT 7: EXPECTED BROADBAND GROWTH

Source: Delta Partners analysis1 Includes ixed and wireless broadband

handsets is clearly outpacing fixed-line

as the preferred connection type.

According to the Bank of America,

Merrill Lynch, Vodacom and MTN

combined have 1.3 million internet users

versus Telkoms 600,000 ADSL lines

(moderately lower than our estimates).

However, for the prepaid user, the cost

of 3G dongles is still a significant barrier

to entry. We can expect to see low cost

dongles as manufacturers and resellers

are willing to cut margins in return for

higher volumes. Once the price for

dongles, netbooks and smartphones

starts to fall, mobile broadband access

will grow materially.

ICT services

The demand for valued-added

information and communication

technology services is increasing as

corporates and small and medium

enterprises (SMEs) require more

sophisticated services and look for

ways to outsource non-core businessfunctions. The telecom value chain

is converging and telecom operators

face the opportunity and need to

expand their focus and better serve the

Corporate and SME market.

By selling ICT services linked to the

telecommunications services, a telecom

operator is better positioned to:

Protect traditional revenues (be

proactive not reactive)

Grow new revenue streams

Manage margins on traditional

services, avoiding competition on

price per bandwidth (whilst accepting

new-wave services are likely to be

margin dilutive)

Reduce risks on investments in next

generation networking (NGN)

The ICT market will not be the sole

preserve of Telkom or the traditional

IT players such as Dimension Data.

No doubt the altnets (particularly

Neotel) and the mobile players will beevaluating opportunities to expand


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Source: Company, HSBC

EXHIBIT 8: BROADBAND MARKET SHARE FORECAST BY TECHNOLOGY

their corporate and SME relevance,

potentially complementing their HSPA

and fibre infrastructure investments

with femtocells, which provide wireless

broadband access directly to a premise.

Developing a strong positioning in

the IT/IS services requires the set up of

specific competencies and partnerships.

Both MTN and Vodacom have created

units that are dedicated to the mobile

and ICT needs of corporate clients and

they are acquiring businesses such

as Verizon and Gateway to deepen

their expertise and product portfolios.

However, without real local loop

unbundling, the mobile operators may

be limited in their ability to compete

successfully. As highlighted earlier, we

fully expect Google and Apple to play

an increasing role in the ICT market as

they expand their simple software-as-a-

service (SAAS) application offerings.

Mobile payments

With a very significant unbanked

community, South Africa offers a

material opportunity for the mobile-

payment (m-payment) and money-

transfer space. Though operators have

attempted m-payments in one form or

another, the space remains relatively

nascent and fragmented. However, this

will change in 2010 as both banks and

operators address the key issues (such

as ease of use, reliability and access) and

Vodacom launch M-Pesa which has the

potential to catalyze the market.

M-Pesa has close to 10 million users and

over 2 million daily M-Pesa transactions

in Kenya alone. Whilst Safaricoms

very strong market position and local

Government support has been key

to this success (potentially explaining

why M-Pesa has been less successful

in Tanzania), it is clearly an effective

proposition. In terms of key benefits

for the operator, M-payment solutions

can help drive customer retention

(particularly important in maturing

markets such as South Africa) whilst

reducing airtime distribution costs.

The key question is whether Vodacom

can adapt M-Pesa to the local market

reality (including financial regulations

and licensing requirements) and use it

to increase its market leadership. If so,

MTN and Cell C will have to innovate

and react.


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According to independent M&A

intelligence service Mergermarket, M&A

activity in South Africa dropped 61 per

cent in 2009. In 2010, we can expect

South African operators to continue to

proceed with caution.

The largest and most lucrative African

markets have already been conquered

by the major regional players. Few

attractive greenfield opportunities existand prices for many assets have been

expensive raising questions surrounding

shareholder value creation. Operators

are perhaps starting to look further

afield, as i llustrated by MTNs current

discussions with Orascom.

Operators with a high dependence

on the South African market, such as

Telkom, will perhaps look for further

diversification opportunities wherethey will find themselves up against a

new breed of bidders, such as Russian,

Chinese and Indian players.

In the early 2000s, private equity funds

fuelled much of the growth of the

emerging GSM operators. Since those

groups have grown and consolidated,

private equity has been less active in

recent years. However, interest in the

telecom space has picked up againwith a large number of infrastructure

transactions (tower, fibre, submarine

cable and satellite) being discussed.

Investors such as former US Secretary

of State Madeleine Albright, billionaire

investor George Soros, and banker

Jacob Rothschild have created a $350m

fund to invest in Nigerias Helios towers.

This type of activity is expected to grow,

especially in key markets such as South

Africa, Nigeria, Ghana and East Africa.

Role of private equity

and M&A

In 2009, mergers

and acquisitions

(M&A) in South

Africa hit the lowest

levels in six years.


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Telkom

In addition to the windfall gained

from the Vodacom sale, Telkom was

afforded the opportunity to start anew.

In November 2009, Telkom embraced

this by announcing a new Renaissance

strategy focused on creating a full

mobile offering and going aggressively

for the data centre business.

Telkoms entry into the mobile market

may be considered a bold move atthis relatively late stage of market

maturity. However, the company does

have some advantages over other

new entrants such as a full national

core network, expertise in network

technology and a significant (yet

decreasing) customer base.

Vodacom

For Vodacom, control by Vodafone has

placed increased focus on operational

efficiencies. The fruits of its cost

containment programme paid off in

2009 as EBITDA margins increased,

despite a slowdown in revenue growth.

Vodacom did not take its eye off the

market during this period, successfully

defending its market share in South

Africa and lowering its churn levels.

Vodacom has had less success in the

push to diversify its revenues outside

the South African mobile market. The

international operations performed

poorly, due to weak market conditions

and competitive offerings in the

respective markets.

These pressures are likely to continue in

2010, requiring further attention from

management with perhaps an increasing

focus on Vodacom Business which still

remains a fraction of total operator

revenues despite continued efforts to

grow this business.

Operator outlook for 2010

MTN

For MTN South Africa, 2009 was

particularly challenging. It was the

first time that the firm reported

negative subscriber growth, largely

due to the impact of RICA and system

and billing issues.

ARPU also fell slightly due to pressure

on consumer spending. However, MTNs

continued product innovation and

strong marketing campaigns allowedit to defend market share. A new,

segment-driven market approach should

be expected, resulting in a better service

offering and customer experience.

Cell C

In a recent article, the Cell C CEO, Lars

Reichelt, remarked on Cell Cs ambitious

plans to strengthen its market position.

Cell C certainly surprised the market

by announcing plans to launch a new

high-speed data network in 2010. Cell

C is planning to surpass the current

market offering in terms of speed by

launching an HSPA+ network, capable

of delivering very high-speed wireless

broadband services. This bold move

is expected to change the market

dynamics, especially as 3G connectivity

has become a critical component in

mobile offers in South Africa.


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Outlook for 2010: winners and losers

Winners

South Africa will successfully highlight the countrys character and

infrastructure during FIFA World Cup

Broadband will explode in 2010 and 2011

The consumer will benefit from a continued decrease in prices and strong

promotions

Network superiority will become even more important as operators

compete strongly on mobile data

Operators that perfect customer retention tactics will win

Losers

LCR will lose. As interconnect falls, LCR operators will need to convert

subscribers to their networks or will fail to have a relevant discounted offer

Operators who go in to price-war mode and cannot reduce operational

costs will lose. In a mature and increasingly-competitive market, cost

reduction is a must

Incumbents will be pressured. Regulatory changes will put pressure on

current business models forcing incumbents to reinvent themselves


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Delta Partnersis the leading TMT advisory and investment irm in emerging markets. With more than 160 proessionals the

irm operates across 50 markets in the Middle East, Arica, Eastern Europe and Emerging Asia. Delta Partners provides three

synergistic services: management advisory, corporate inance and investments rom its oices in the UAE, Bahrain, South Arica,

Spain and Singapore.

Advisory: Delta Partners advisory proessionals partner with C-Level executives in telecom operators, vendors and other TMT

players to help them address their most challenging strategic issues in a ast-growing and liberalising market environment in over 50

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the TMT space in high growth markets. The ocus is the Middle East, Arica, Eastern Europe and Emerging Asia. Delta Partners

private equity und leverages the frms unique TMT industry expertise to create value or its investors throughout each stage o the

investment cycle, rom deal sourcing to supporting portolio companies in driving value extraction.

Corporate Finance: Delta Partners provides corporate fnance services and has been involved in several buy-side and sell-side

telecom transactions in the region. As true industry specialists, the frm oers a dierentiated value proposition to investors

and industry players in the region. Delta Partners actively leverages its close link to its private equity arm to access the investor

community as well as top-level fnancial talent.

Delta Partners delivers tangible results to its clients and investors through its exclusive sector ocus on telecom, media and

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south african telecoms in 2010: high stakes for the big winners - may 2010

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