MTN Group confirms multi-billion rand buyback deals

According to TechCentral, the MTN Group has acquired nearly ZAR1.36 billion (USD161.5 million) worth of its own shares during the past three months, in a move it says is meant to improve returns for its shareholders. The shares, which were acquired between 8 March and 28 May 2012, mean that the total value of shares bought back by MTN, including repurchases during the group’s 2011 financial year, now total almost ZAR2.3 billion. MTN president and CEO Sifiso Dabengwa commented: ‘The total number of shares repurchased equates to 0.9% of MTN Group’s issued share capital. This distribution to shareholders is in addition to the 70% dividend pay-out ratio announced previously. The MTN board will continue to implement share buybacks on an opportunistic basis’.