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MTN GROUP LIMITED - MTN appoints Phuthuma Nhleko as Executive Chairman in a temporary capacity as Sifiso Dabengwa resigns as CEO

Release Date: 09/11/2015 07:06
Code(s): MTN     PDF:  
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MTN appoints Phuthuma Nhleko as Executive Chairman in a temporary capacity as Sifiso Dabengwa resigns as CEO

MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1994/009584/06
ISIN: ZAE000042164
Share code: MTN
(“MTN” or the “Company”)

Media Statement

MTN appoints Phuthuma Nhleko as Executive Chairman in a temporary capacity as Sifiso
Dabengwa resigns as CEO

MTN wishes to inform the market that MTN’s Chief Executive Officer, Mr Sifiso Dabengwa has
resigned.

"Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the
interest of the Company and its shareholders, have tendered my resignation with immediate
effect," stated Sifiso Dabengwa.

Phuthuma Nhleko, the current Non-executive Chairman has agreed to act as Executive
Chairman for a maximum period of 6 months while the Company identifies a successor for
Mr Dabengwa.

Phuthuma Nhleko is no stranger to the business as he served as Non-executive Director and
Chairman of MTN from July 2001 until June 2002 and thereafter as an executive director, Group
President and CEO until March 2011. He has subsequently chaired the Group in a Non-
executive capacity for the past two and a half years (29 May 2013).

"I will assume responsibility as Executive Chairman for the next 6 months as I proactively deal
with the Nigerian regulator and will continue to work with them in addressing the issues around
unregistered subscribers as a matter of urgency,” commented Nhleko.

To ensure compliance with King III, Mr. Alan van Biljon will continue to serve as the Lead
Independent Director on the MTN board of directors (“MTN Board”) whilst Mr. Nhleko takes
over executive responsibility.

“Together with the MTN Board, my second priority will be to find an appropriate Chief
Executive Officer to take MTN forward. I will then revert to my Non-executive Chairman role,"
concluded Nhleko.

Stakeholders are reminded that MTN will continue to inform them of any material
engagements with the Nigerian authorities via the Stock Exchange News Service of the JSE
Limited (SENS).
Shareholders are advised to continue to exercise caution when dealing in the Company’s
securities until a further announcement is made.

-ENDS-

Fairland
9 November 2015

Sponsor
Deutsche Securities (SA) Proprietary Limited

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