MTN proposes sale to empower black

JOHANNESBURG, SOUTH AFRICA: South Africa's MTN Group proposed an 8.1 billion rand ($1.1 billion) black empowerment deal to sell up to four percent of the company's shares on Thursday.

South African companies are encouraged to increase black ownership under rules established to address economic imbalances after the end of apartheid in 1994.

MTN, Africa's biggest mobile operator by subscribers, said it would mean black ownership of up to 29 percent of South African operations.