Johannesburg - The Shanduka Group has purchased a R2.96
billion, minority stake in MTN Nigeria, the company said on Wednesday.
The stake was purchased through the company's subsidiary Shanduka Telecommunication, based in Mauritius, and is the largest investment the company has made outside South Africa, Shanduka Group said in a statement.
“This is Shanduka's most significant investment in another African country. It 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,” said Shanduka Group CEO Phuti Mahanyele.
The stake was purchased from three private investors.
MTN Nigeria is the largest mobile operator in Nigeria with over 45 million subscribers and an estimated market share of 48 percent.
The company is an indirect subsidiary of MTN Group, which holds a 78.8 percent stake. - Sapa