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May 13, 2008

MTN bids double value of BEE deal

As yet another suitor joins the ranks of bidders for MTN, black economic empowerment (BEE) investors who bought into Africa's largest cellular network operator at a 20 percent discount last August have almost doubled their money.

MTN's share price has risen 19.4 percent since rumours of a looming bidding war for the group started last month. Since the National Empowerment Fund's Asonge deal was announced, it had already been rising steadily on the back of strong operational performance and the successful swallowing of Investcom, which had operations in 11 Middle Eastern and African countries.

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Posted by StaffWriter at May 13, 2008 12:57 PM