Company Data
| Last traded |
R136.00 |
| Change |
R1.75 |
| % Change |
1.30% |
| Cumulative volume |
2.87m |
| Market cap |
R256.33bn |
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Johannesburg - Shares of MTN Group [JSE:MTN] fell 2% in early trade on Friday after Algeria's finance minister said the goverment was prepared to buy all of Orascom Telecom's Algerian unit.
Algeria's official news agency quoted Karim Djoudi on Thursday as saying the government was ready to buy 100% of the mobile phone operator.
Egypt's Orascom is in negotiations to sell some or all of its assets to MTN, a deal that could make the South African firm the world's third-largest mobile phone operator.
But Algeria is blocking the sale of Orascom's Algerian arm, Djezzy, citing a law which it says gives it the right of first refusal on a 51 stake in the company if it comes up for sale.
Analysts have said that without Djezzy, which would give MTN a much-needed foothold in lucrative northern Africa, MTN might walk away from the deal.
- Reuters