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Bharti-MTN: S.Africa presses for dual listing

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CIOL Bureau
New Update

MUMBAI, INDIA: South Africa is pressing India for an agreement on dual listing of companies before the expiry of merger talks deadline between Bharti Airtel and MTN Group, the Economic Times reported on Tuesday.

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Bharti, India's leading telecom firm, and South Africa's MTN have been in talks to combine their operations and create the world's third-largest mobile group by subscribers. The deadline for the talks ends at the end of September.

The newspaper said Ismail Momoniat, a senior official in the South African Treasury, had sought details from Indian Finance Secretary Ashok Chawla on the feasibility of dual listings under Indian law.

"Dual listing is ideal in any merger. This would allow primary listing in both countries," the paper quoted Momoniat as telling its television channel ET Now on Monday.

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Momoniat told the paper the finance ministries of both countries were working together on this issue.

Chawla could not be reached for comment as he was traveling overseas and Bharti declined comment, the paper said.

On Monday a senior South African official said that the proposed tie-up between the two companies needed cabinet level approval in South Africa.

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