COMPANY NEWS IN BRIEF

MTN concludes sale of cellphone towers MTN has completed the R6.4 billion disposal of its cellphone towers business to IHS Towers, after the transaction was approved by the Competition Commission, it was announced on Wednesday.The deal involves the acquisition of 5 701 of MTN&#039;s cellphone towers to the NYSE-listed company which is one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count.IHS Towers will own 70% of the South African towers business with the remaining 30% to be owned by a B-BBEE consortium. The sale was part of MTN&#039;s asset disposal drive.MTN South Africa CEO Charles Molapisi, said the partnership brings foreign investment into the market to create greater competition."Over the years, MTN SA has built and maintained the best network in the country, and we believe that in IHS, we have found a partner with the necessary experience and expertise to maintain and enhance this critical part of the business," he said. -Fin24Ticket prices blamed for Comair&#039;s woesComair’s current woes – resulting in its suspension of its flights due to a lack of money – may be the result of, among other things, adding too much capacity and selling tickets too cheap in pursuit of market share, according to a competitor."Comair, in my view, was unrealistic," CemAir CEO Miles van der Molen told Fin24. "They added massive capacity at below cost to try get market share. Either the market needed to grow unrealistically to fill the capacity or someone needed to exit. At record fuel prices it was always going to be an expensive strategy." Van der Molen said that domestic ticket prices had to increase to reflect new cost pressures, which will help to create a more stable, investable and reliable aviation sector.Comair, which says it controls about 40% of South Africa&#039;s domestic aviation market, owns kulula.com and operates British Airways flights domestically and regionally under a licence agreement.The company went into business rescue in May 2020. A consortium - comprising former Comair board members and executives as well as the South African-born, US-based founders of the Monster energy drink Rodney Sacks and Hilton Schlosberg - was chosen as preferred bidder to buy the company. -Fin24Shell, Mantashe&#039;s lawyers defend planBoth Shell and Minister of Mineral Resources and Energy Gwede Mantashe&#039;s lawyers assert that an environmental management plan for the proposed seismic survey off the Wild Coast qualified as environmental authorisation, a court heard.A full bench at the Port Elizabeth High Court in Gqeberha on Tuesday heard arguments by Impact Africa, Shell and Mantashe defending the seismic survey.The hearing was set for three days this week, but submissions wrapped up on Tuesday afternoon. Judgment has been reserved.The matter was brought before the court by Wild Coast communities and non-profit organisations seeking to permanently block the seismic survey, which they believe will cause irreparable harm to the environment, as well as to livelihoods and cultural and spiritual practices of communities.The applicants want the court to set aside an exploration right granted to Impact Africa in 2014, which was later transferred to Shell. They also want the court to set aside the subsequent renewals of the right in 2017 and 2021. -Fin24Glencore to reject offerGlencore is likely to reject a US$3.60 a share offer by coal producer Yancoal Australia Ltd&#039;s Chinese parent to buy its minority stake in the miner as too low, two sources with knowledge of the matter said.Yankuang Energy Group made an offer last week to acquire the 37.7% stake of Yancoal it does not already own at a discount to the current market price, valuing it at US$1.8 billion.The offer is "unacceptable" for Glencore, which holds a 6.4% stake in Yancoal, because it "significantly undervalues" the company&#039;s stock, said the sources who did not want to be identified as the discussions were private.Demand for thermal coal, the most polluting fossil fuel burned to generate electricity, reached record highs on power shortages in China and a European gas squeeze further exacerbated by Russia&#039;s invasion of Ukraine, which reduced global supplies.A nod from the London-listed miner and trader is critical for Yankuang to get close to the 90% ownership threshold which, according to Australian rules, would allow it to acquire all the small number of shares owned by retail and institutional investors and take Yancoal private. -ReutersToshiba receives 10 investment proposalsToshiba Corp said on Thursday it has received 10 investment proposals including 8 proposals to go private as the troubled Japanese conglomerate explores strategic options.The other two proposals were for capital and business alliances in which Toshiba would remain listed.Toshiba, which has been bedevilled by accounting and governance crises since 2015, set up a special committee in April to solicit proposals after shareholders voted down a management-backed restructuring plan.The deadline for submitting the non-binding proposals was Monday.The company said in a statement it will evaluate financing arrangements, the feasibility of the proposals and select potential investors to be given due diligence opportunities after its shareholders meeting on June 28.Last month, Toshiba said 10 potential investors had signed confidentiality pledges.According to sources, KKR & Co Inc, Blackstone Inc, Bain Capital and Brookfield Asset Management were considering bids.-Reuters

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