MTN: mobile subscriber growth grows in Africa

MTN has been on an acquisition binge the past few years. Last year MTN bought Areeba's operation in Ghana, and West Africa. Now MTN has reported that its number of subscribers rose by 90% to 48.2 million due to its $5.5bn purchase of INVESTCOM. Revenue also jumped by 69% to R34bn for the half-year to June 2007 while core operations extended their revenue by 35%. Most of the firm's profit is sourced in South African and Nigeria, but the firm is looking towards the Middle East for further expansion opportunities.

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