South African telecom giant MTN, which is currently negotiating a potential amalgamation with Indian billionaire Anil Ambani-led RCOM
JOHANNESBURG: South African telecom giant MTN, which is currently negotiating a potential amalgamation with Indian billionaire Anil Ambani-led RCOM, said on Friday that it has been named as the top business as well as brand of the year in Africa by Commonwealth Business Council.
In a statement issued here, MTN Group said that it has won the inaugural 'African Business of the Year' and 'Brand of the Year' awards presented in London by the Commonwealth Business Council (CBC) African Business Awards.
MTN has bagged the African Business of the Year award on the basis of its "outstanding returns and growth rates coupled with innovative working techniques, and the development of staff and the community it operates in".
Besides, the Brand of the Year award recognises companies that have achieved outstanding brand recognition in the past 12 months, with wide appeal and wider recognition both in Africa and worldwide. This award is applicable to branding and
re-branding exercises, the statement said.
Earlier on July 9, MTN said that it was extending the exclusive negotiations with RCOM for a potential business amalgamation till July 21, after its earlier 45-day exclusivity agreement expired on July 8.
MTN and RCOM had first announced start of exclusive talks on May 26 after the South African firm's talks fell apart with another Indian telecom major Bharti Airtel.
However, the talks between MTN and RCOM have been hit by uncertainties after Reliance Industries, led by Anil's elder brother Mukesh Ambani, threatened legal action if a deal breaches its right of first refusal in RCOM. However, RIL's claims are being contested by RCOM, which has said that these claims were legally and factually untenable.
If successful, a deal between RCOM and MTN could create a combined entity worth about 70-80 billion dollars.
After receiving the Business of the Year and Brand of the Year awards for Africa, MTN said its presence in 21 countries makes the company a household name throughout Africa and beyond. The company has consolidated its position and brand
through various sports sponsorships which include the Africa Cup of Nations and is the first global African sponsor.
The awards were organised IC Publications in association with the CBC.
The winners were selected by an independent panel from a list of nominees in each of the 16 categories which included the African Business of the Year and African Business Leader of the Year.
"The recipients are companies and individuals who have contributed to the development of Africa and raised its profile in the global business community," the statement said.
MTN was nominated along with five other business leaders and the Awards ceremony was part of the annual G8 Africa Business Forum organised by the CBC, Business Action for Africa and the United Nations Office for Partnerships.
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