Zimbabwean billionaire Strive Masiyiwa bought back a 53% stake in his first mobile network Mascom Botswana from MTN for US$300 million.
Mascom Botswana was Masiyiwa’s first mobile network company in 1998, the company now has over 50% market share and 1.7 million subscribers.
Masiyiwa sold 44% of Mascom to MTN in 2005 for $128 million but Africa’s biggest mobile network got frustrated by the investment after failing to integrate the Botswana unit into the MTN brand.
MTN is rationalizing its business units recently selling off MTN Cyprus or € 260 million and is looking to sell off its stake in Jumia (Nigeria), Travelstart (South Africa), and IHS Towers.
Shares for the Johannesburg listed company gained 15%, the most since June 2016, to R87.83 as of 12.34 pm after news of the Mascom sale reached the market but the stock is still down by 28% in the last 12 months, valuing the carrier at R166-billion.
