MTN Group has entered into agreements to acquire stakes in two mobile network
operators in Cote d`Ivoire and Zambia MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
Share code: MTN
ISIN ZAE000042164
(`MTN Group`)
MTN Group has entered into agreements to acquire stakes in two mobile network
operators in Cote d`Ivoire and Zambia
In line with its vision to be the leader in telecommunications in developing
markets and its commitment to growing shareholder value, the MTN Group is
pleased to announce that it has entered into agreements to acquire significant
stakes in two GSM networks in Cote d`Ivoire and Zambia, respectively.
MTN Group has entered into an agreement to acquire a 51% stake in Loteny
Telecom, trading under the name Telecel Cote d`Ivoire. Telecel Cote d`Ivoire is
one of two operators in Cote d`Ivoire. The operation has in excess of 800 000
subscribers and a market share in excess of 46%. The transaction is subject to
minor conditions, however, regulatory approval has been obtained. MTN Group has
also entered into an agreement to acquire 100% of Telecel Zambia which is one of
three network operators in Zambia. The acquisition of Telecel Zambia is subject
to regulatory and competition approval from the relevant authorities.
These transactions will further entrench the MTN Group`s footprint in west and
southern Africa, where it already has operations in Nigeria, Cameroon, South
Africa, Uganda, Rwanda and Swaziland. This would raise the MTN Group`s total
number of operations to eight and increase the total subscriber base to over 16
million.
Says Phuthuma Nhleko, MTN Group CEO: `We are very pleased with these
transactions, which are in line with the MTN Group`s expansion strategy of
consolidating our position on the continent. We are confident that the two
transactions hold very positive growth prospects for the Group.`
Launched in 1994, MTN Group has established a reputation for network excellence
and quality products and services. To date, the Group has invested R23,4 billion
in infrastructure across its GSM networks in South Africa, Swaziland, Rwanda,
Uganda, Cameroon and Nigeria. The Group recently announced its annual results,
showing a 50% year-on-year growth in subscriber numbers and 21% growth in
revenue during 2005 financial year.
Fairlands
22 June 2005
Date: 22/06/2005 08:35:25 AM
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