MTN postpones BEE deal

18 Feb 2009

South Africa-based cellular group MTN says it is delaying plans to sell a 5%-6% stake to black investors under the country’s Black Economic Empowerment (BEE) regulations. The deal is being postponed due to the current global economic crisis. The cellco released a statement saying: ‘The board of directors of MTN has determined that it is presently not in the best interests of the company, its shareholders and the BEE investors to implement the proposed BEE transaction during the first half of 2009 as originally planned.’ The MTN Group has operations across Africa and the Middle East.

South Africa, MTN Group