MTN Nigeria secures US$395 million syndicated loan

MTN Nigeria secures US$395 million syndicated loan                              
MTN Group Limited                                                               
("MTN Group" or "the Company")                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1994/009584/06)                                            
Share code: MTN                                                                 
ISIN ZAE000042164                                                               
MTN Nigeria secures US$395 million syndicated loan                              
MTN Nigeria Communications Limited ("MTN Nigeria"), a subsidiary of the Company,
announced today that it has secured a medium-term limited recourse financing    
facility  ("the Medium Term Finance") to the tune of US$395 million to fund its 
operations and further network roll-out. This amount includes a US$50 million   
standby facility provided by the International Finance Corporation.             
The Medium Term Finance consists of a Naira denominated commercial paper        
facility of the Naira equivalent of US$ 250 million, which is fully subscribed  
by 15 Nigerian financial institutions led by Nigeria International Bank and     
Stanbic Bank Nigeria ("the Naira Funding"), and a further US$ 145 million       
provided by several international institutions including the above mentioned    
standby facility. The Naira Funding of the Medium Term Finance will replace the 
existing short-term Naira equivalent of US$ 170 million commercial paper        
facility raised in January 2002.                                                
Johannesburg                                                                    
4 November 2003                                                                 
Sponsor                                                                         
Merrill Lynch South Africa                                                      
Date: 04/11/2003 03:19:02 PM Supplied by www.sharenet.co.za                     
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