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MTN’s Capital Spend to Top 15% of Revenue in Five Years, FM Says

MTN Group Ltd., Africa’s largest mobile-phone operator, plans to spend as much as 15 percent of revenue over the next five years to upgrade and expand its infrastructure, Chief Financial Officer Nazir Patel said in a corporate report published by the Financial Mail.

The bulk of the money would be spent in the major markets of Nigeria, Iran and South Africa, the Johannesburg-based weekly magazine reported. MTN will use Chinese vendors, including ZTE Corp. and Huawei Technologies Co., to buy its equipment, Financial Mail said.

Price wars in markets that include Nigeria, MTN’s biggest, may have come to an end, the magazine cited Chief Executive Officer Sifiso Dabengwa as saying.

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