“Following the expiry of the service provider agreement between Nashua Mobile and Vodacom and the expiry of the incentive agreement between MTN and Nashua Mobile under the MTN service provider agreement, the boards of Reunert and Nashua Mobile were required to consider the long-term prospects for Nashua Mobile,” said Nashua Mobile, the telecommunications service provider, in a statement.
“After careful consideration, the boards concluded that it is unlikely that this business would generate acceptable returns.”
(WATCH VIDEO: ICASA slashes MTRs for Vodacom and MTN)
Proceeds from the sales will be used to settle Nashua Mobile’s liabilities and to support Reunert’s growth strategy.
The group are also pursuing options for the disposal of its Cell C subscriber base.