South African ISP Afrihost is looking to but back its shares from majority shareholder, MTN.
The announcement came in the form of an email to customers.
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In the announcement Afrihost CEO Gian Visser stated that he wanted to personally let customers know about the buyback. Visser, along with other directors, family, and friends, are looking to re-aquire the 50.02% that MTN holds.
In November 2014, MTN purchased a majority share in the ISP for R408-million, which equated to 50.02%. The other 49.50% was retained by the then current shareholders.
Read more: MTN acquires controlling stake in Afrihost but nothing changes says CEO
“And we’re going to relentlessly focus on what we believe we’ve always done best: Innovation, looking after our team and our clients and working ridiculously hard to give you the best possible value and experience,” writes Visser.
No reason for the buyback was stated, though Visser did thank MTN for the partnership.
“I’d also like to take this opportunity to thank MTN for the many miles they have run with us over the past few years. We have learnt a lot and we wish them all the absolute best in the future.”
In 2015, MTN was fined NGN1.4-trillion in Nigeria by the NCC due to a breach of SIM registration rules.
Ventureburn reached out to Afrihost for further comment, but did not receive it by time of publication.
