MTN Namibia to sell off a 30 per cent stake

MTN Namibia to sell off a 30 per cent stake MTN Namibia wants to expand its service offerings. (Image source: warrenski/Flickr)MTN Namibia has announced it is to sell off a 30 per cent shareholding to local investors

The South African-based telecommunications multinational, which had previously been dealing mainly in IT solutions in Namibia, is looking to expand its services in the country.

The firm revealed it had been granted an internet service provider licence late last year, with the agreement to sell off almost a third of its shares coming as part of the deal with the Namibian authorities.

A statement from MTN read, “Interested investors are invited to submit a letter of intent to purchase shares of MTN Business Namibia, which makes up 30 per cent of the share capital.”

The government had originally wanted the company, which is wholly owned by MTN South Africa, to relinquish a 51 per cent stake, but this was reduced in negotiations, according to MTN Namibia managing director, Manfred Engling.

Engling said, “The company is looking for investors who will add value to the company and help it expand. We want to provide more services.”

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