MTN lifts its subscriber growth forecast

MTN raised its forecast for subscriber growth this year as it added customers in South Africa and Nigeria, it said yesterday. The company increased subscriber numbers 3.8 percent to 182.7 million in the three months to September and expected to add 23.7 million this year, compared with a forecast of 21.3 million previously. MTN, which operates in 22 African and Middle Eastern markets, said South African growth of 4.1 percent was boosted by the addition of prepaid customers. Nigerian customers rose 5.7 percent, although growth in data customers was affected by network congestion. “It seems like they maintained or slightly increased market share in their major markets,” Kruger International portfolio manager Mia Kruger said. MTN shares slid 0.20 percent to R150.80 yesterday. – Bloomberg