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| MTN looking at SingTel, too |
| BS Reporter / Mumbai Aug 28, 2009, 00:40 IST |
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South Africa’s MTN Group will explore opportunities with companies like Singapore Telecom (SingTel) as it continues to look at expanding footprint in the Asia Pacific region, while there is compelling pressure to close a deal with Bharti Airtel.
“As we are increasingly looking at increasing our footprint, looking at Bharti Airtel and to some extent SingTel, we see opportunity,” MTN Group President and CEO Phuthuma Nhleko said at an investors’ conference call today.
Nhleko did not specify whether MTN is looking at SingTel as a separate opportunity or as part of the ongoing discussions with Bharti Airtel. SingTel, controlled by the Singapore government, holds a 30 per cent stake in Bharti.
On Bharti, Nhleko said talks were proceeding and added, “As soon as there is something on the procedures, we will come back to the market and investors”. He said there were reasons to complete the process, and if it does not succeed, the company would look at other opportunities. He also hinted that MTN Group is likely to look at acquiring stake in Kuwaiti telecom company Zain’s African operations, if the Bharti Airtel deal did not go through.
On May 25, MTN Group and Bharti Airtel said they were exploring a potential transaction in which MTN and its shareholders would acquire a 36 per cent economic interest in Bharti. Of this, 25 per cent would be held by MTN, with the remainder held directly by its shareholders and Bharti would acquire around 49 per cent stake in MTN. Last week, Bharti and MTN extended, for a second time, the set deadline for talks aimed at creating the world’s third-biggest mobile company, to September 30.
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