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.