\tThe board of Botswana-based operator Mascom raised concerns about MTN Group selling its majority stake [1] in the operator to Econet Wireless, believing stakeholder Botswana Public Officers Pension Fund (BPOPF) should have had a say in the matter, Mmegi reported.<\/p>\n
MTN agreed the $300 million sale to JV partner Econet Wireless last week following a review of its portfolio.<\/p>\n
Econet Wireless is owned by Strive Masiyiwa, who founded Mascom in 1998 but gradually sold off most of his shares.<\/p>\n
Today, Mascom\u2019s board is dominated by representatives of BPOPF and the operator is one of the pension fund\u2019s most lucrative investments.<\/p>\n
Sources quoted by Mmegi said BPOPF representatives on the board rejected MTN\u2019s proposals and argued the pension fund should be given the first right to buy any shares on offer.<\/p>\n
\u201cThe pension fund is well capable of making an offer for those shares and if they cannot, they could find partners,\u201d said a source, adding: \u201cAt worse, they could even list those shares.”<\/p>\n
Another source stated: \u201cMasiyiwa apparently wants to come back to significant equity through purchasing MTN\u2019s shares.\u201d<\/p>\n
The board also questioned the valuation of the deal and said due diligence will have to be conducted before the share transfer process can begin.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/mtn-eyes-1b-asset-sale-plans-digital-drive\/<\/p>\n","protected":false},"excerpt":{"rendered":"
The board of Botswana-based operator Mascom raised concerns about MTN Group selling its majority stake …<\/p>\n
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