Afrihost has bought back its shares from MTN and the company is now owned by the original shareholders together with several new shareholders.
In 2014, MTN bought a controlling stake in Afrihost for R408 million.
MTN said that “evolving market circumstances have resulted in MTN reviewing its ownership in Afrihost”.
Gian Visser, Afrihost’s CEO, said they have enjoyed a long and fruitful partnership with MTN over the years and they are grateful for everything MTN has done for them.
“MTN will remain a key supplier of ours and we look forward to continue working with them for the years ahead,” said Visser.
At the time, MTN and Afrihost said the transaction was subject to the fulfillment of applicable conditions relevant to the transaction. These have now been completed.
Afrihost director Greg Payne said effective 30 November 2016, MTN was paid for its share and the transaction was concluded.
“The original shareholders together with a few new shareholders – all family and friends of the original shareholders – now own Afrihost,” said Payne.