MTN raises South Africa investment target to fund acquisitions

MTN Group Ltd. raised its South Africa investment target by 50 percent as the continent’s biggest wireless operator by sales looks to boost its data-services offering with acquisitions and new infrastructure in its home market.

Capital expenditure will be about 12 billion rand ($757 million) in the country in 2016, MTN’s South Africa head Mteto Nyati told reporters in Johannesburg on Thursday. That compares with the 8 billion rand reported by the company in its 2015 earnings statement in March.

The company will target deals similar to its $40 million February co-investment in Travelstart, an online flight and hotel-booking company based in Cape Town, Nyati said. The board hasn’t set a budget for acquisitions, he said.