MTN has denied it is considering moving its group head office to the Middle East. It has also denied it plans to delist from the JSE.
On Friday, news website ITWeb reported that MTN may be planning to “move its group operations out of the country and eventually delist from the [JSE], leaving the local business as a subsidiary of the company, or even up for sale”.
The website credited “several independent sources”, without naming them.
But on Monday, MTN lashed out at the report. “The MTN Group would like to strongly refute the mischievous speculation that it intends to ‘abandon’ SA and delist from the JSE,” said corporate affairs group executive Nozipho January-Bardill in a statement.
“The group has operations in more than 24 countries, including those in which it has mobile licences,” January-Bardill said.
“However, some departments within MTN Group management services are based in Dubai as part of the group’s ongoing response to the challenges of the changing global telecommunications industry. This is also intended to address the logistical challenge of supporting the operations in the Middle East, in particular, and certain parts of Africa.”
MTN’s largest markets are Nigeria, Iran and SA. The group is expected to announce its annual financial results on 11 March. — Staff reporter, TechCentral
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