MTN plans BEE share sale

15 Dec 2008

Pan-African mobile operator MTN Group is to launch a public share sale in the first half of next year, offering up to 6% of its stock to black investors to comply with South Africa’s black economic empowerment (BEE) regulations. The timing of the sale will be subject to ‘appropriate financial market conditions’, the cellco says. Shares will also be offered to MTN workers under an employee incentive scheme, Dow Jones Newswires reports. ‘The BEE transaction will be designed to provide long term, sustainable benefits to MTN and all participants and is proposed to have a duration of six years,’ MTN said.

South Africa, MTN Group