MTN to sell more shares to new BEE entity Newco

November 11, 2006

MTN Group, Africa's largest cellphone firm, said on Friday it would sell more stock to a new entity that included its employees to expand the stake owned by black investors and comply with empowerment targets...

The beneficiaries of the Alpine Trust, which will buy the shares in M1 through a new company called Newco, included MTN chief executive Phuthuma Nhleko and chief financial officer Rob Nisbet, MTN said on Friday. It did not give an amount or timing for the sale. M1 is owned by Lebanon's Mikati family, shareholders of Investcom, which MTN bought in May.

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