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    Hellkom > News > Local > MTN bosses sell stake

MTN bosses sell stake

5 March 2007
African cellular operator MTN's management and staff have sold a million MTN shares held by a holding company, at R20 each.

The shares are being sold as part of a 2003 agreement with lenders that financed Newshelf's R4.3 billion purchase of 309 million MTN shares. Newshelf, held by the Alpine Trust and controlled by MTN directors, is meeting the obligations of the financing agreement.

The Alpine Trust benefits management and employees, including MTN's executive directors, as well as some of the directors of MTN's major subsidiaries. Its directors include MTN CEO Phuthuma Nhleko.

The unwinding is set to take place over a few months and, as a result, Newshelf will sell 65.5 million MTN shares to its financiers. In a statement to shareholders, MTN says “the price per share was market-related at the time the hedge transaction was entered into in 2003”.

However, the holding company could buy back some shares, ...

Read the rest of MTN bosses sell stake

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