Nhleko to gain from Newshelf's unwinding

December 17, 2008

Johannesburg - Phuthuma Nhleko, the chief executive of MTN Group, could walk away with R300 million after the unwinding of the Newshelf 664 structure at the end of the month to pave the way for a broad-based black economic empowerment (BEE) deal, an analyst said on Monday.

Newshelf holds 13.1 percent in MTN on behalf of key directors and black staff. The market value of the Newshelf stake, which was bought six years ago, is R24 billion but it has debts of about R21.8 billion.

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