JOHANNESBURG – Shares in Africa’s biggest mobile operator by sales, MTN, gained three per cent on Friday after the company said it had bought a stake in Botswana’s leading cellular operator Mascom.
MTN stock gained 3,09 per cent to 56,70 rand by 0753 GMT, outperforming a flat Johannesburg top-40 index. MTN said after the market closed on Thursday it had agreed to buy an effective 44 per cent stake in Mascom Wireless Botswana for US$128 million, making it the controlling shareholder.The company is under pressure from investors to use its cash pile to grow beyond its fast-maturing key markets of South Africa and Nigeria after it missed out on several major expansion opportunities abroad.-Nampa-ReutersMTN said after the market closed on Thursday it had agreed to buy an effective 44 per cent stake in Mascom Wireless Botswana for US$128 million, making it the controlling shareholder.The company is under pressure from investors to use its cash pile to grow beyond its fast-maturing key markets of South Africa and Nigeria after it missed out on several major expansion opportunities abroad.-Nampa-Reuters
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