MTN SYRIA was placed under guardianship by a court in Damascus over alleged MTN violations of the terms of its licensing contract, which the state says deprived the government of revenue.
MTN has denied the allegations and on Friday said that it intended to appeal.
The appointed guardian, who is chairman of MTN Syria minority shareholder TeleInvest, will be responsible for managing day to day operations while the guardianship order remains in place. The court’s statement did not indicate how long that might be.
TeleInvest had been lined up to buy MTN Group’s 75% stake in MTN Syria for a previously undisclosed price.
“MTN Group is still committed to executing on the agreed transaction with TeleInvest to dispose of its 75% shareholding and loans for a consideration of $65 million in total,” a spokeswoman for the South African company told Reuters.
The sale to TeleInvest is part of MTN Group’s
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