Terming the proposed transaction with Indian telecom major Bharti Airtel as a complex one,MTN Chief Phuthuma Nhleko has asserted that the company should not lose its DNA once the deal materialises. MTN and Bharti are in exclusive discussions for a proposed USD 23 billion-transaction that would create a combined entity having over 200 million subscribers. Nhelko has told the South African newspaper 'The Times' that the planned deal was big and complex. According to him,if the transaction proceeds,it should be ensured that "we continue to grow MTN from its South African base,and that it does not lose its DNA". The MTN Chief noted that the complex structure is an attempt to "to balance strategic commercial issues with identity issues". As per the planned transaction,Bharti would have a 49 per cent stake in MTN while the South African company would get a 36 per cent economic interest in the Indian firm. "We are trying to achieve our strategic objectives while the financial objectives must remain palatable and we must ensure that the South African base is the mothership from which the company continues to grow. "We do not want to repeat what happened some 10 years ago when there was a wholesale movement of capital from South Africa," Nhelko told the newspaper.
