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Sunday, September 4, 2016

MTN To Sell $729m Stake To Black Investors In Accordance To South African Government Policies

South African telecommunication giants MTN Group is reportedly planning sales of a 4% stake of the company (9.9 billion rand/ $729 million) to "black investors".

This is in a move to meet the South African government's quotas on black ownership.
This is an understandable government policy considering the African country suffered an Apartheid.



MTN group, which is Africa’s biggest telecoms company

said the new black economic empowerment deal would be launched via a public offer next month to replace an existing scheme that is due to cease in November.

According to MTN, the shares will be sold at 102.80 rand, which is amounts to a 20% from the last stock exchange recorded rate. 

With the implementation of this new development, black investors would control about 30% of the telecom giant's operations.
tech nexus
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