Business18.02.2009
MTN delays BEE deal
Africa’ biggest cellphone company, has delayed its black economic empowerment deal, it said on Wednesday.
"MTN shareholders are advised that, in light of the severe constraints in current financial markets, the board of directors of MTN has determined that it is presently not in the best interests of the company, its shareholders and the BEE investors to implement the proposed BEE transaction during the first half of 2009 as originally planned," the statement said.
The board remained fully committed to implementing the BEE transaction "at the appropriate time", MTN said.
In December 2008 MTN said it planned to implement a new BEE transaction during the first half of 2009 to replace the agreement with its black employees that was due to lapse.
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