For MTN, deal not top of agenda
Having failed in attempts for a merger with India’s RCOM as well as Bharti Airtel, South African telecom major MTN said on Thursday it is not “urgently” looking at a deal, even as its growing subscriber base in existing markets pushed its first-ha...
By PTI |
JOHANNESBURG: Having failed in attempts for a merger with India���s RCOM as well as Bharti Airtel, South African telecom major MTN said on Thursday it is not ���urgently��� looking at a deal, even as its growing subscriber base in existing markets pushed its first-half revenue by 35%.
MTN said on Thursday its consolidated revenue rose by 35% to 46.1 billion rands in the six-month period ended June 30, up from 34.2 billion rand in the year-ago period.
The revenue surge was primarily driven by the company���s 54% subscriber growth since June 30, 2007, to 74.1 million, especially in Nigeria and South Africa.
MTN���s Group EBITDA increased by 29% to 19.6 billion rand in the first half of this year, while its total assets moved up by 26% to 146 billion rand from 116 billion rand on December 31, 2007.
Announcing the results, company���s CEO Phuthuma Nhelko said MTN���s vision was ���to be the leader in telecommunications in emerging markets��� for which it would focus on consolidation, leveraging existing footprint and convergence.
MTN would ���continue seeking value enhancing opportunities in existing and new territories,��� Nhelko said, but added that he was not looking at a M&A deal ���urgently.���
Earlier in May, MTN held negotiations with Sunil Mittal- led Indian telecom major Bharti Airtel for a possible amalgamation deal, but talks fell apart after the Indian entity rejected being a subsidiary of the South African firm.
After Bharti, MTN held exclusive talks with Anil Ambani- led Reliance Communications, another Indian telecom major, but a deal could not fructify after weeks of negotiations.
The talks ran into uncertainties after some legal issues were raised by Reliance Industries, India���s top corporate headed by Anil���s estranged elder brother Mukesh Ambani.
MTN said on Thursday its consolidated revenue rose by 35% to 46.1 billion rands in the six-month period ended June 30, up from 34.2 billion rand in the year-ago period.
The revenue surge was primarily driven by the company���s 54% subscriber growth since June 30, 2007, to 74.1 million, especially in Nigeria and South Africa.
MTN���s Group EBITDA increased by 29% to 19.6 billion rand in the first half of this year, while its total assets moved up by 26% to 146 billion rand from 116 billion rand on December 31, 2007.
Announcing the results, company���s CEO Phuthuma Nhelko said MTN���s vision was ���to be the leader in telecommunications in emerging markets��� for which it would focus on consolidation, leveraging existing footprint and convergence.
MTN would ���continue seeking value enhancing opportunities in existing and new territories,��� Nhelko said, but added that he was not looking at a M&A deal ���urgently.���
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Earlier in May, MTN held negotiations with Sunil Mittal- led Indian telecom major Bharti Airtel for a possible amalgamation deal, but talks fell apart after the Indian entity rejected being a subsidiary of the South African firm.
After Bharti, MTN held exclusive talks with Anil Ambani- led Reliance Communications, another Indian telecom major, but a deal could not fructify after weeks of negotiations.
The talks ran into uncertainties after some legal issues were raised by Reliance Industries, India���s top corporate headed by Anil���s estranged elder brother Mukesh Ambani.
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