MTN is looking to reduce its exposure to costly infrastructure in Africa by selling off cellphone tower networks, say sources close to the matter.
South African stocks remained higher at noon on Tuesday, supported by miners on stronger metal prices, but shaky overseas markets and stronger rand limited the upside move, traders said. Local mobile phone firm MTN Group remained the most heavily traded stock by value after it confirmed that it was in share price-sensitive talks with an Indian firm.
South African telecoms operator MTN Group said on Monday that it was in share price-sensitive talks with India’s Bharti Airtel. The group did not give much away amid speculation that Bharti Airtel, India’s biggest phone company, might launch a takeover offer for the local firm.