MTN to sell-off controlling stake in Afrihost

MTN, Africa’s leading telecommunications company, has announced its intention to sell-off its controlling stake of 50.02% in Afrihost, a South African Internet services provider.

The sale is planned so as to enable the telco focus on core business, and pursue opportunities in relevant adjacent businesses.

“The deal is in line with MTN’s strategy of focusing on core business while exploring relevant adjacent growth opportunities. The conclusion of this transaction will go a long way towards streamlining our operations,” said Mteto Nyati, MTN SA Chief Executive Officer.

MTN acquired its shareholding in Afrihost in 2014. Evolving market circumstances resulted in MTN reviewing its ownership in Afrihost.

MTN’s shares will now be sold to the executive management of Afrihost.

The transaction is still subject to regulatory clearances and Competition Commission approval.

MTN expects the transaction to have minimal impact on its customers in line with the spirit of the agreement.

“We would like to wish Afrihost well in their business,” Nyati concluded.

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