MTN has applied to English courts for access to documents from Celtel International, after a Kuwaiti firm snapped up Celtel from under the noses of South African investors.
The South African investors` hopes of exposure to the African mobile communications markets were dashed three weeks ago, when Kuwaiti firm MTC bought African cellular operator Celtel for $3.4 billion (R19.6 billion).
Celtel, which holds GSM licences in 13 African countries, was planning a dual London and Johannesburg listing later this year. However, MTC snapped up the African mobile communications group in a move that took one of its major investors, private equity fund Actis, by surprise.
MTN said in a statement yesterday that it had made an application to the English courts seeking disclosure of certain documents from Celtel and Dr Mohamed Ibrahim, Celtel`s chairman and a major shareholder.
MTN believes that legally binding undertakings were given in favour of MTN`s $2.67 million bid for Celtel last month - before the sale to the Kuwaitis was announced.
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Kuwaitis snap up Celtel
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