A South African company, Shanduka Group, has bought shares in MTN Nigeria worth R2.96 billion (about N63 billion).
A statement by the company on Wednesday said Shanduka Group bought the shares through its subsidiary in Mauritius.
“This is the largest investment the company has made outside South
Africa,” said Phuti Mahanyele, the CEO of Shanduka Group. “It is most
significant investment in another African country. MTN Nigeria is a
business that is well established within a market that has great
potential for further growth. Shanduka will continue to pursue
opportunities in other parts of Africa.”
MTN Nigeria is the largest mobile operator in Nigeria with more
than 45 million subscribers and an estimated market share of 48 per
cent.
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