MTN moves on minorities

Johannesburg, 21 Jul 2006

Cellular group MTN will compulsorily acquire Investcom shares from shareholders who have not yet accepted its offer.

The mobile company told shareholders yesterday that it would acquire the 0.5% of shares that it did not have acceptances on in the $5.5 billion transaction.

"Transfer of the compulsorily acquired Investcom shares is expected to take place on or after 31 August 2006," it said in a statement to the JSE news service.

It added the offer will remain open for acceptance until further notice, but that it would give 14 days notice prior to closing the offer.

Board appointments

CEO of Investcom, Azmi Mikati, has been appointed to the MTN board as a non-executive director.

Jamal Ramadan was appointed VP of Group Special Projects. Ramadan has been executive director of Investcom, which he joined as operations director in 1996.

In an unrelated appointment, Jeff van Rooyen was appointed to the board in a non-executive capacity. He was CEO of Uranus Investment Holding. Prior to this, Van Rooyen - a registered chartered accountant - was CEO of the Financial Services Board and head of the Public Sector Industry at Deloitte & Touche, one of the first black partners appointed by the firm.

The appointments are with effect from 18 July 2006 and follow the reconstitution of the MTN board in June this year. The mobile company had indicated there would be further additions to the board and operational structure once the Investcom transaction became unconditional.