South African President Jacob Zuma is expected to push for a quick resolution to the MTN Bharti deal during his meeting with his Indian counterpart Indian Prime Minister Manmohan Singh at the G20 summit in US this week.
The Economic Times reported yesterday that hopes are pinned on this crucial meeting between the two leaders in Pittsburg where the summit will take place.
According to the report the meeting is expected to take place on the sidelines of the G20 summit, President Zuma is expected to raise the issue of dual listed companies (DLCs) with the Indian PM. If Mr. Singh gives an assurance that India will work towards allowing DLCs, the South African government’s concerns could be considerably addressed.
But though the Indian premier is likely to indicate his government’s support for the deal, it is unlikely that he can provide any sort of assurance on a change of legislation to facilitate dual listing.
Under the terms of the proposed deal, Bharti would acquire a 49% shareholding in MTN. MTN and its shareholders would also acquire an approximate 36% interest in Bharti, of which 25% would be held by MTN with the remainder held directly by MTN shareholders.
The potential transaction between would create a telecommunications service provider group with huge footprints on the Indian sub-continent, as well as within Africa and Middle East. The merged organization would boast a footprint in around 30 countries, with revenues over USD20 billion, and more than 200 million subscribers.
Let us travel to Pittsburgh for the G-20 summit on 24-25 September, to demonstrate and protest the attendance of Meles Zenawi, the prime minister and dictator ruling Ethiopia for nearly two decades, who will be there in the capacity of the representative for Africa.As you all know, Meles Zenawi and the current Ethiopian regime has been responsible for unspeakable atrocities against masses of innocent civilians in many parts of Ethiopia, including genocide. But the international community allows him to operate with impunity because the regime is seen as a staunch ally in the “war on terror”. We strongly believe that he should not be graced and honoured by an appearance in such a high-level meeting in the United States, leave alone as “Africa’s voice”. Africa deserves better!For those near Los Angeles , California area the Ethiopian-American Enterprenuers Association(EAEA) have grunted funds to cover round trip air ticket from Los Angeles to Pittsburgh and back to LAX on 09/26. If interested contact any of the sponsors near you.The sponsors are listed Tessema Dosho Shifferaw, Charlie Zawde, Elias Negash; Agonafer Shiferaw, Elias Wondimu; Leah Niederstadt and Asqual Teferi.For Exact departure time please contact Tel: 213-365-6651 Ext. 100
Fax: 213 365 6670