It is difficult not to suspect the MTN board has lost interest in black economic empowerment to the point that it is now just going through the motions. The group’s third scheme, MTN Futhi, which has just been launched, lacks most of what was enticing about the previous two. Critically, the scheme lacks the previous easy presumption that investors would inevitably score from their highly leveraged exposure to a company that shared a veritable monopoly of the South African cellphone market.
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