MTN loses over R80m on Afrihost sale

Mergers, Acquisitions and Financial Results

MTN's 50.02% shareholding in Afrihost will be sold back to the Internet service provider within the next three months.

In November 2014, MTN acquired 50% plus one share of Afrihost for R408 million, but in June 2016 announced it would sell the controlling stake back to the executive management of Afrihost.

MTN's interim financial results for the six months ended 30 June showed the telco lost R83 million on the buy-back deal, selling the majority stake back to Afrihost for just R325 million.

MTN SA CEO Mteto Nyati says the deal should be done and dusted soon, as the official agreement has been signed and Afrihost now has 90 days to close the deal. Read the full story here:
Source: ITWeb