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| SA Treasury processing MTN application on deal with Bharti |
| Press Trust of India / New Delhi Sep 03, 2009, 15:18 IST |
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The South African Treasury is processing an application from telecom major MTN related to various exchange control regulations for the proposed transaction with Bharti Airtel.
"The National Treasury received an application via the South African Reserve Bank from MTN which relates to various exchange controls regulations, and are busy processing their application.
"At this stage, we cannot provide any further comment on their application," a spokesperson for South Africa's National Treasury told PTI today from Pretoria.
The National Treasury is responsible for managing South Africa’s national government finances.
The planned $23 billion Bharti-MTN deal would create a combined entity having more than 200 million subscribers and both companies are in exclusive talks till September 30.
As per the proposed transaction, Bharti would take a 49 per cent stake in MTN while the South African entity along with its shareholders would have a 36 per cent economic interest in the Indian firm.
The South African government yesterday said it had not taken any stance on the proposed Bharti-MTN deal as talks between the companies were still going on.
"We wish to put it on record that the Department (of Communications) and/or the government have not taken a stance on the issue as discussion between the parties are ongoing".
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