Fight for control of Mascom rumbles on, heads for mediation

18 October 2019

Mergers, Acquisitions and Financial Results

The ownership battle over Botswana’s largest cellco, Mascom Wireless, is set to go to mediation. In March this year South Africa-based MTN Group confirmed plans to sell its 53% interest in Mascom, saying it would offload its shares for USD300 million to minority investor Econet Wireless, which has a 7% interest in Mascom.

 

This move was immediately challenged by Mascom’s other shareholder, the Botswana Public Officers’ Pension Fund (BPOPF), which holds a 40% interest. BPOPF insists that it should have been offered first right of refusal of the MTN shares. Local newspaper The Patriot writes that Francistown-based corporate lawyer Sefelana Thapelo has been appointed as the mediator in the dispute. Econet has said that if it does succeed in buying MTN’s stake it will sell off a portion of shares to the public.

Source: All Africa