Ninety One’s MTN stake tops $1 billion as Africa telecom bet deepens

Ninety One Plc has crossed a key ownership threshold in Africa’s largest mobile operator. The London- and Johannesburg-listed asset manager raised its stake in MTN Group above 5 percent, valuing the holding at R16.64 billion ($1.02 billion). The increase makes Ninety One MTN’s fourth-largest shareholder and a significant institutional investor in the telecoms group.

Ninety One raises MTN stake above 5 percent

The increase was disclosed in a notice published on the Johannesburg Stock Exchange on Feb. 5. MTN said in the notice that Ninety One SA now holds a 5.0992 percent beneficial interest in the company’s issued ordinary shares on behalf of its clients. The increase surpasses the 5 percent disclosure threshold and marks a significant rise from the firm’s previous holding of 1.09 percent as of June 30, 2025. The notification reflects growing investor interest in MTN shares.

MTN’s shareholder register remains dominated by institutional investors. South Africa’s Public Investment Corporation held 20 percent at the end of June 2025. Capital Research and Management Company, the U.S. investment firm with over $3 trillion in assets under management, owned 7.28 percent. Beirut-based M1 Group, co-founded by Najib Mikati, held 5.95 percent. Ninety One’s move into this group signals stronger conviction in MTN at a time when the telecom operator is reassessing its structure and long-term priorities.

Ninety One builds sustainable investment legacy

Founded in 1991 and led by Chief Executive Officer Hendrik du Toit, Ninety One traces its origins to South Africa but now operates as a global asset manager. Headquartered in Cape Town, the firm was known for years as Investec Asset Management before being demerged and listed as Ninety One in March 2020. Since then, it has expanded its footprint, offering active investment strategies across equities, fixed income, multi-asset portfolios and alternatives to clients in Africa, Europe, Asia and the Americas.

That expansion has been reflected in its scale. As of Dec. 31, 2025, Ninety One reported assets under management of R3.6 trillion, or roughly $215 billion. The firm has used acquisitions, including the purchase of Sanlam’s UK business, to add assets and deepen its investment capabilities. Its stated focus on disciplined investing and sustainability has helped it attract long-term institutional capital.

MTN plans full IHS Holdings acquisition

Ninety One’s larger exposure to MTN coincides with the telecom group’s strategic moves. MTN is in advanced talks to acquire the remaining 75 percent of IHS Holdings for $2.76 billion. IHS operates thousands of telecom towers across Nigeria, South Africa, and other African markets, with MTN as its largest customer. Full ownership would give MTN more control over network planning, reduce long-term leasing costs, allow closer coordination of upgrades, support faster 4G and 5G expansion, and improve coverage in underserved areas.

By lifting its MTN stake above $1 billion, Ninety One is committing more client capital to a company reshaping its balance sheet and operational base. For the asset manager, the investment reflects a familiar approach: taking meaningful positions in businesses with deep regional reach and enduring importance. In MTN, Ninety One is backing a company that remains central to how millions of Africans connect, work and do business.