South African-based mobile telecommunications group MTN announced on Tuesday that the Swazi monarch, King Mswati III, has gained a 6% interest in MTN Swaziland through Swaziland Post and Telecommunications Corporation’s (SPTC) sale of some of its shares.
SPTC is the kingdom’s fixed-line operator and is tasked with regulatory duties. In addition, the corporation operates, maintains and develops postal and telecommunications services in the Southern African kingdom, which is home to 1,1-million people.
The mobile operator said the shares were made available by SPTC, which is entitled in terms of a joint venture agreement to dispose of up to 21% of its shares free of any pre-emptive rights. The agreement is between the corporation, MTN International, Swazi Empowerment Limited and MTN Swaziland.
MTN Swaziland has more than 116 000 subscribers — commanding a 71% share of the total telecommunications market and with a mobile penetration rate of 7,7%, higher than the penetration of the local fixed-line network.
The mobile network said the increased access to telephony in rural areas has provided many Swazi communities with connectivity for the first time and created new business opportunities for telecentre operators, as well as generally stimulating small business development.
Launched in 1994, the group encompasses MTN South Africa, MTN International and its strategic investments division. It has more than 11-million subscribers in South Africa, Swaziland, Rwanda, Uganda, Cameroon and Nigeria. — I-Net Bridge