MTN remains silent on Reliance talks

June 20th, 2008 - 2:28 pm ICT by IANS  

By Fakir Hassen
Johannesburg, June 20 (IANS) South African mobile giant MTN remained silent on its talks with India’s Reliance Communications at its annual general meeting here Thursday. MTN group chairman Cyril Ramaphosa restricted the meeting to just half an hour, dashing hopes of shareholders attending that some news on the deal with Reliance would emerge. But there was no time allotted for questions and answers that might have had some questions around this raised.

Ramaphosa said at the start of the meeting that only matters related to the notice of the meeting could come under discussion at the AGM.

Besides a cautionary issued in May, MTN has steadfastly refused to comment on a possible tie-up with Anil Ambani’s Reliance Communications. Every query has been met with a reference to the cautionary issued last month that said a 45-day exclusive talks agreement had been signed with Reliance.

MTN has also refused to comment in the wake of a letter sent to it last week by Reliance Industries, led by Mukesh Ambani, the estranged elder brother of Anil Ambani, saying that under a family pact between them, his group had the first right of refusal to buy a controlling stake in Reliance Communications.

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