MTN ups Nigeria stake


October 10, 2006/Net Bridge




South African mobile services provider MTN will raise its stake in MTN Nigeria to nearly 82% through the purchase of a 7% stake in the business for $348.93 million, the group said today.

MTN will pay $287.76 million in cash and issue 6.093 million ordinary shares as payment for the stake in MTN Nigeria.

The shareholders from which it will acquire the stake include Celtelecom Investments, Celtel Funded Shares, Universal Communications, SASPV, N-Cell, Hermitage Overseas Corporation, Mobile Communications Holding and Mobile Communications Invest.

\"The acquisition will enable the minority shareholders to realise a portion of their investment in MTN Nigeria. MTN is committed to enabling a broader spectrum of Nigerians to participate in the performance of MTN Nigeria.

“The acquisition is expected ultimately to be part of a process to facilitate such broader participation,\" MTN said.

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