MTN Group to sell $729m stake to black investors

MTN Group said it will sell shares worth 9.9 billion rand ($729 million), a 4 percent stake, to black investors to meet government quotas on black ownership. Africas biggest telecoms firm said the new black economic empowerment deal would be launched through a public offer next month to replace an existing scheme that is due to unwind in November. South African companies under the black economic empowerment rules are encouraged to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid. Meeting government rules on black ownership makes a companyThe post MTN Group to sell $729m stake to black investors appeared first on Daily Times Nigerian Newspaper.
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