According to a report by namibian.com.na, MTN Namibia plans to sell a 30 percent shareholding to local shareholders. According to MTN Nigeria: “Interested investors are invited to submit a letter of intent to purchase shares of MTN Business Namibia, which makes up 30% of the share capital.”
MTN Namibia managing director, Manfred Engling stated in the report that the company was granted an Internet Service Provider licence last year and said the government has initially wanted the company to sell 51% stake which was later reduced to 30%. This is according to the report.
“We have not yet determined what the value of the stake will be,” Engling added. He further stated that: “The company is looking for investors who will add value to the company and help it expand. We want to provide more services.”
“We have enough money already,” he said explaining that the selling of the stake was not meant for raising money. Engling said selling a stake to local investors was part of the licensing requirements of the company that is currently wholly owned by MTN South Africa.
Presently, the company has mainly been a reseller of various IT solutions. But with the ISP licence, the company now offers other services including fibre network solutions. Its current clients include banks, private companies and government institutions. He said with its own network in place, MTN will be able to break Telecom Namibia’s monopoly and break a lot of solutions on the market.