Home » Lebanese Prime Minister Najib Mikati’s stake in Africa’s largest telecom company is worth $900 million

Lebanese Prime Minister Najib Mikati’s stake in Africa’s largest telecom company is worth $900 million

by Yusuf Abdulfatai
Najib Mikati

Recent research conducted by Billionaires.Africa has brought to light the exceptional market value of shares owned by Lebanese Prime Minister Najib Mikati in MTN Group, Africa’s largest telecom company.

With an estimated worth exceeding $900 million, Mikati’s stake in MTN Group represents a significant 6.72-percent ownership, positioning him as a prominent player in the African telecommunications industry.

MTN Group, renowned for its innovation and growth across 19 markets, boasts a staggering 289 million customers. The telecom giant offers a comprehensive range of services, including voice, data, fintech, and digital solutions.

In 2022, MTN Group reported impressive profits of R24.26 billion ($1.29 billion) and revenues of R207 billion ($11 billion), a substantial increase from R19.65 billion ($1.04 billion) and R179.36 billion ($9.5 billion) in 2020, respectively.

As of the time of this report, MTN shares were trading at R134.92 ($7.5) per share on the Johannesburg Stock Exchange, slightly down by 94 basis points from their morning opening price. This places the company’s market capitalization at R257 billion ($14.27 billion), making it the eleventh most valuable company on the exchange.

Based on the current market price, Mikati’s 6.72-percent stake in MTN Group holds a market value of R16.37 billion ($909.07 million), solidifying his position as one of the richest investors on the Johannesburg Stock Exchange.

Mikati, a three-time prime minister of Lebanon, co-founded the Beirut-based investment firm M1 Group in 2007. His entrepreneurial journey began in 1982 when he and his brother Taha Mikati established Investcom, a mobile telecommunications service provider, during Lebanon’s civil war.

Expanding their ventures into Africa, the Mikati brothers constructed cellphone towers in countries such as Ghana, Liberia, and Benin. Their remarkable success led to Investcom going public on the London Stock Exchange in 2005. In 2009, South Africa’s MTN acquired the Mikatis’ stake for an astounding $3.6 billion.

According to Forbes, Najib Mikati currently possesses a net worth of $2.7 billion, ranking him as the 1,152nd richest person globally. A significant portion of his wealth stems from his stake in MTN Group, showcasing his entrepreneurial acumen and knack for identifying lucrative investment opportunities.

Mikati’s strategic involvement in MTN Group bolsters his financial standing and solidifies his influence within the African telecom industry. As the Lebanese Prime Minister and a highly successful businessman, his investments wield considerable impact on the region’s economic landscape.

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