MTN Acquires Further 6.98% Interest In MTN Nigeria From Minority Shareholders

2006-10-10 09:10:34 | Viewed 2680 times

The MTN Group recently announced that it would acquire a further 6.98% interest in its subsidiary, MTN Nigeria Communications Limited (known as MTN Nigeria), from certain minority shareholders.

The total purchase consideration of US$ 348.9m will be funded through a cash payment of US$287.8m and an issue of 6,093,463 ordinary shares in MTN. The purchase will be effected through MTN’s wholly-owned subsidiary, MTN International and will bring the MTN Group’s shareholding in MTN Nigeria to 81.87%.

MTN Nigeria launched operations in 2001 and is the leading GSM operator in Nigeria, with a subscriber base of 9.6 million as at 30 June 2006. MTN Nigeria’s GSM network comprises over 2 336 base stations and an extensive transmission infrastructure, providing access to approximately 73% of Nigeria’s population.

“The acquisition will enable the minority shareholders to realise a portion of their investment in MTN Nigeria,” says MTN President and Group CEO Phuthuma Nhleko. “The acquisition is part of a process that will facilitate a broader spectrum of Nigerians to participate in the performance of MTN Nigeria.”

Lastest Comments

land issue
2008-04-04 04:56:06
"I am indiging of particular community where there is no MTN network,whish i have the upportunity of giving out land because i am regular user of the network at Escravos warri Delta state Nigeria where chevron teminal is, my No 07030080234,my mail;jeomekjf@yahoo.com"
John Omoyibo Ejegi from Nigeria

MTN Performance
2006-10-10 23:14:31
"My observation over the year about the network is annoying. Most often the network is nothing to write about and this call for ractification. Virtually evereday from 6.00pm hardly would you get connected to MTN network and most subscriber abandoned MTN for other network. In other not to loose more customer a drastic measure needs to take place. thanks."
Isaac Odu from Lagos/Nigeria

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