Notes to the Group financial statements | Note 45
for the year ended 31 December 2010
 
45.   CHANGES IN SHAREHOLDING
45.1   The disposal of 1% of MTN Cyprus
In November 2010, the shareholding in MTN Cyprus, a telecommunications company incorporated in Cyprus, was reduced from 51% to 50% for R5,4 million. The transaction did not result in a loss of control.
      Carrying
amount on
acquisition date
Rm		  
    The assets and liabilities disposed of are as follows    
    Property, plant and equipment 5  
    Intangibles 2  
    Investments 2  
    Inventories and receivables 1  
    Cash and cash equivalents *  
    Borrowings (5)  
    Payables (6)  
    Net assets disposed of (1)  
    Considerations received 5  
    Profit on disposal included in equity on consolidat 6  
    * Amounts less than 1 million.
     
45.2   MTN (Zambia) Limited
In 2010 MTN Zambia issued a further 7,8% of its shares to an SPV resulting in a dilution of the Group’s investment from 97,8% to 90,0%.
     
45.3   MTN Afghanistan Limited
In 2010 the shareholding in MTN Afghanistan was reduced from 100% to 90,9% however due to the put option a 100% is consolidated.
     
    Prior year changes in shareholdings
     
45.4   MTN Uganda additional shares acquisition
During July 2009 the Group increased its shareholding in MTN Uganda from 95,4% to 96,0% for R51 million.
      Carrying
amount on
acquisition date
Rm		  
    The assets and liabilities arising from the acquisitions are as follows    
    Property, plant and equipment 24  
    Other non-current assets 6  
    Cash and cash equivalents 1  
    Net working capital (4)  
    Borrowings (6)  
    Taxation liabilities (1)  
    Deferred tax liabilities (4)  
    Net asset value 16  
    Purchase consideration 51  
    Net assets acquired (16)  
    Difference included in equity on consolidation 35  
    * Amounts less than 1 million.
     
45.5   MTN (Zambia) Limited private placement
In February 2009, MTN Zambia issued 2,2% of its shares to the public for a consideration of R24,6 million. This resulted in a dilution of the Group’s investment from 100% to 97,8%.