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MTN boosts subscribers

Oct 28 2010 13:17 Reuters

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 55.11
Change 0.61
% Change 0.01
Cumulative volume 1454383
Market cap 28.70bn

Last Updated: 24/10/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

MTN GROUP LIMITED [JSE:MTN]

Last traded 235.13
Change 0.1
% Change 0.00
Cumulative volume 6437779
Market cap 434.60bn

Last Updated: 24/10/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

VODACOM GROUP LIMITED [JSE:VOD]

Last traded 127.01
Change -1.74
% Change -0.01
Cumulative volume 667069
Market cap 188.99bn

Last Updated: 24/10/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - MTN Group [JSE:MTN], Africa's biggest mobile operator, increased its subscribers by 4% in the July-September third quarter, overcoming intense competition and price cuts from rivals.

The company also lifted its forecast for new users this year to 22.9 million, from 21.1 million.

MTN, which operates mobile phone networks across Africa and the Middle East, said it had 134.4 million users at the end of September, compared with 129.2 million at the end of June.

Shares in MTN were 0.12% lower at R123.70, lagging behind Johannesburg's Top-40 index of blue chips, which was 0.68% firmer.

JSE Top-40 index of blue-chips. The stock has risen about 5% so far this year.

MTN is gearing up for competition from rival Bharti Airtel in Africa, which is waging a price war and plans to spend a total of $1.1bn over the next three years on network upgrades in its sub-Saharan business.

Bharti acquired the African assets of Kuwait's Zain this year.

MTN also faces competition from Vodafone, which has units such as South Africa's Vodacom Group [JSE:VOD]. In South Africa it also faces new competition from a new entrant 8.ta, the mobile phone unit of Telkom [JSE:TKG], which was launched this month.

Competition is also hotting up in MTN's key market of Nigeria, one of the world's fastest growing telecoms markets. Its Nigerian unit recorded a 5.1% rise in new customers to a total of 36.8 million

vodacom group  |  mtn group  |  telkom
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