Transnet sells 5% stake in MTN

JOHANNESBURG – South African state-owned transport utility Transnet said on Tuesday it had begun selling a five per cent stake in cellphone operator MTN through a book-building exercise.

“We are pleased to announce that today … we took advantage of a very strong performance by the MTN share price to launch a book-building exercise,” Transnet said.Transnet spokesman John Dludlu told Reuters: “We’ve started selling it on the open market.”Transnet has held the stake in the M-Cell Trust on behalf of the beneficiaries of one of its pension plans.Transnet in September ended talks on selling around 75 million shares in MTN, Africa’s biggest mobile phone operator, saying the two parties had failed to agree.MTN shares have posted major gains in recent months as it boosts subscribers in South Africa and expands into relatively untapped markets across the continent and in Iran.- Nampa-Reuterswe took advantage of a very strong performance by the MTN share price to launch a book-building exercise,” Transnet said.Transnet spokesman John Dludlu told Reuters: “We’ve started selling it on the open market.”Transnet has held the stake in the M-Cell Trust on behalf of the beneficiaries of one of its pension plans.Transnet in September ended talks on selling around 75 million shares in MTN, Africa’s biggest mobile phone operator, saying the two parties had failed to agree.MTN shares have posted major gains in recent months as it boosts subscribers in South Africa and expands into relatively untapped markets across the continent and in Iran.- Nampa-Reuters