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Public Investment Corporation has increased its stake in the mobile phone operator, MTN.
The country's largest badet manager, which manages $ 2 trillion in badets, increased its stake in the group from around 15% to 23.6%
The purchase price has not been disclosed.
As MTN is currently facing a crisis of $ 10.1 billion in Nigeria, the investment in the CIP is perceived as the group betting on the yellow network, in a vote of confidence.
MTN suffered several setbacks as a result of its operations in Nigeria over the years, resulting in multibillion-dollar claims from the country's authorities and an exodus of executives from the group.
A shocking $ 5.2 billion in Nigeria in 2015 tainted MTN in 10 months of negotiations and prompted a redesign of management. Earlier in 2018, authorities in this West African country announced a new round of multibillion dollar claims.
In the latest complaint, the Nigerian authorities accused MTN of expelling a $ 8.1 billion dividend without authorization. The country added an additional fine of $ 2 billion to the combination with respect to taxes.
Market capitalization of MTN has been cut in half since the initial Nigerian crisis, with the carrier currently valued at R166 billion.
In the afternoon, on the JSE, the shares of MTN stood at a fraction of a higher percentage, trading at R88.19.
Read: The executive of MTN leaves the Nigerian crisis
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