Zinnia Funds
Long only, deep value, value, special situations

Mobile Investing In Africa Series, Part 1: MTN Group

Clint Harritt, Managing Partner
Zinnia Funds

MTN Group (OTCPK:MTNOY) is a dominant African mobile operator, serving almost 190 million customers across the continent and the Middle East. The company competes with Vodafone (NASDAQ:VOD), Portugal Telecom (NYSE:PT), Vodacom (VDCMY), and many local mobile operators.

After the purchase of Investcom in 2006 from the Lebanese Mitaki family, MTN Group increased its footprint by entering 10 new markets in Africa and the Middle East, including Ghana, Iran, and Syria. Based in South Africa, MTN currently operates in 22 countries. Here a map shows their mobile coverage in Africa, and beyond:

Source: MTN Group

MTN was established in 1994, and its largest shareholder is the South...

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