MTN's BEE deal is still in track, with the first part of the deal having been concluded yesterday.

MTN has fulfilled all the outstanding conditions precedent for the acquisition of Newshelf 664 from the Alpine Trust, the acquisition and settlement by MTN of the
funding obligations due to the Public Investment Corporation (PIC) by Newshelf and the specific repurchase by MTN of the 243 500 011 MTN ordinary
shares held by Newshelf.
The Newshelf Acquisition was implemented on 25 May 2009.
As a consequence of the implementation of the Newshelf Acquisition, MTN issued in aggregate 213 866 898 new MTN ordinary shares to the PIC, which were listed on the JSE exchange today. In addition, MTN repurchased the 243 500 011 MTN ordinary shares owned by Newshelf, which have been cancelled and delisted.
The BEE plan was announced in December and includes a Memorandum of Understanding with the Public Investment Corporation (PIC) regarding the Newshelf acquisition.Until December 2008, MTN obtained the majority of its equity ownership points through the approximately 13% shareholding which AT holds in MTN, through Newshelf .
The Newshelf structure was established independently from MTN in 2002 and was always anticipated to unwind in December 2008. Accordingly, 34 389 980 MTN shares were distributed to the beneficiaries of AT in February 2009 and the trustees of AT are currently in the final stages of unwinding AT.
MTN originally planned to implement the Newshelf Acquisition and the BEE Transaction during the first half of 2009, but in light of the extreme market volatility and uncertainty of current financial markets, the board of MTN determined that the timing it is not in the best interests of the company, MTN shareholders and the potential BEE investors – a decision that was made in February.
However, MTN has gone ahead with the Newshelf acquisition to facilitate and minimise the dilutionary impact of the future BEE transaction on earnings going forward, facilitate the orderly unwinding of the Newshelf structure and reduce the total number of MTN shares in issue in anticipation of the BEE transaction.