Johannesburg - The Shanduka Group has purchased a R2.96bn,
minority stake in MTN Nigeria, the company said on Wednesday.
The stake was purchased through the company's subsidiary
Shanduka Telecommunication, based in Mauritius, and is the largest investment
the company has made outside South Africa, Shanduka Group said in a statement.
"This is Shanduka's most significant investment in
another African country. It is a business that is well established within a
market that has great potential for further growth. Shanduka will continue to
pursue opportunities in other parts of Africa," said Shanduka Group CEO
The stake was purchased from three private investors.
MTN Nigeria is the largest mobile operator in Nigeria with
over 45 million subscribers and an estimated market share of 48%.
The company is an indirect subsidiary of MTN Group [JSE:MTN], which
holds a 78.8% stake.