New Africa Investments Limited (Nail), has sold its entire shareholding in MTN Group for R232.4 million.
Nail says it has begun the process of disposing of its underlying assets and has resolved to return excess capital to its shareholders.
It has disposed of its entire shareholding of about 7.76 million MTN shares on the open market and has also disposed of its Johnnic Holdings stake for R39 million.
The news follows an earlier announcement that Nail had sold The Sowetan newspaper and its 50% stake in Sunday World to Johnnic Communications.
It has also proposed to distribute its shareholding in Metropolitan Holdings and to make a payment to Nail shareholders by way of a capital reduction.
Nail shareholders will receive 686c a share in terms of the capital reduction of the share premium account by R869.6 million, from R869.9 million to R0.3 million.
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