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SENS Note - 06 July 2006
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| MTN -- stake in Cote D''Ivoire and Uganda
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MTN announced that it had increased its shareholding in MTN Cote d'Ivoire and MTN Uganda effective 1 May and 6 July respectively, further consolidating its position in the respective regions. The acquisition of 32.44% in MTN Uganda from Swedish telecom company, Overseas Telecom AB (which is 65% owned by TeliaSonera) for EUR130 million was successfully concluded and will take MTN's holding in MTN Uganda to 84.45% from 52.01%. As a result of this acquisition, MTN Uganda will be fully consolidated as a subsidiary of MTN and will no longer be treated as a joint venture. MTN increased its stake in MTN Cote d'Ivoire, previously Loteny Telecom, by 17.34% to 68.34% through a purchase of this stake from Atlantique Telecom for EUR42.75 million.
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