NPTH takes full control of MTC

28 May 2004

Namibia Post and Telecom Holdings (NPTH) has acquired an additional 49% stake in wireless operator Mobile Telecommunications Company (MTC), to give it sole ownership. Overseas Telecom, which had owned a 26% stake, and Swedfund International (23%), sold the shares for USD388 million, with an extra USD110 million to be paid over three years if the company meets financial targets. According to a Namibian government spokesperson, the plan is for NPTH to sell a 15% stake on to a black empowerment group while a 34% stake will be made available to a strategic investor.