SA's second-largest cellular operator, MTN, continued to hold a wall of secrecy around its exclusive talks with India's Reliance Communications during its annual general meeting (AGM) yesterday.
MTN and Reliance Communications started talks in May that could create a $66 billion emerging markets telecoms group.
Cyril Ramaphosa, MTN group chairman, signaled from the beginning of the meeting that the talks with Reliance were not on the agenda.
He said only matters related to the notice of the meeting would be discussed. "As you all aware the agenda of the meeting is clearly stated in the notice of this meeting and that's what we are meant to do and deal with," Ramaphosa said.
The meeting agenda was to reappoint directors and to consider the repurchase of up to 10% of the company's shares.
Reliance Communications is owned by Anil Ambani, whose brother Mukesh owns Reliance Industries. The two had a public falling out in 2005, which resulted in a split in their massive business empire.
Mukesh has objected to Anil's bid to merge Reliance Communications with MTN, saying his permission is required for any sale of the family's shares.
MTN shares were up 1.85%, to R132.40, on Thursday afternoon.
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