Mascom board resists millionaire founder's 'comeback' bid

The proposed deal has reportedly displeased sections of the Mascom board, which is dominated by representatives of the Botswana Public Officers Pension Fund (BPOPF).

On Tuesday, a Bloomberg report said MTN’s stake, acquired in 2005 is about 53% and worth up to P3.2 billion. Bloomberg did not report the identity of the proposed purchaser of the shares. Mascom’s shareholding is a complex affair with available information indicating that while the BPOPF holds the majority directly, MTN is in the majority indirectly.