MTN Reneges On Plans To Reduce Stake

South African mobile giant, MTN Group has backtracked on a promise made two years ago, that it would seek to reduce its shareholding in its Nigerian subsidiary, MTN Nigeria. The decision, which led to payment of US$348.9mn for an additional 6.98% stake owned by minority shareholders, bringing its total standing to 81.87%, was taken according to MTN CEO Phuthuma Nhleko in order to enable smaller investors to capitalise on their investments. This is at odds with previous announcements, that it would raise the stakes of local investors. It had planned to do this to offset any argument that MTN was

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