MTN South Africa seeks ZAR 1.5 mln from employees looking to own stores

23 August 2019

Mergers, Acquisitions and Financial Results

MTN South Africa has released the criteria for employees who wish to take over its stores, in a proposed deal that will see the company offload its branded channel across the country, ITWeb reported. Potential store owners must have a minimum amount of ZAR 1.5 million "unencumbered, non-borrowed cash and the balance may be financed by MTN". The company has denied making staff redundant and said its objective is not to close shops but rather to increase its store footprint and its BBBEE ownership of MTN stores.

Source: ITWeb Africa