South African-backed MTN Business Namibia has issued a public invitation to sell a 30% stake to local investors, The Namibian newspaper reports. MTN Namibia managing director Manfred Engling told the paper that the company was initially directed by the Namibian government to sell a 51% stake under conditions of its relicensing last year but this was later reduced to 30%. ‘We have not yet determined what the value of the stake will be,’ Engling said, adding the company is looking for investors who will ‘add value’ and help it expand its range of services. Expressions of interest are due by 20 April. The MD stressed that the stake sale was not motivated by any need to raise funds, saying: ‘We have enough money already.’
TeleGeography’s GlobalComms Database notes that in Q1 2014 MTN Business Namibia was relicensed with ‘Class Comprehensive’ (technology- and service neutral) facilities-based concessions. Having been in the past mainly a reseller of various ITC solutions, it now directly offers other services including fibre network solutions under its full facilities-based internet service provider (ISP) licence. Its clients include banks, private companies and government institutions. In 2014, the company generated NAD64 million (USD5.3 million) from the internet access and network/infrastructure provision segments, according to The Namibian.