MTN is the only company that has remained in the top 20 in each of the six years since the elite was created. Like its great competitor, Vodacom, it has capitalised on the seemingly insatiable appetite among consumers for cellphone technology and services.

It was prepared to take risks by going into countries that other SA companies would instinctively shy away from, such as Iran. Not long before Top Companies went to press, the focus was on whether Bharti Airtel could afford to acquire MTN, after the latter confirmed speculation that it was in talks with India's largest cellular operator.

According to the Financial Times, Bharti had already secured US$12bn in commitments from Goldman Sachs and Standard Chartered. Speculation around the talks sent MTN's share price soaring, and the group's market capitalisation topped R300bn for the first time, making it the third most valuable company on the JSE.

Then the Bharti deal appeared to have fallen through over disagreement on price, and Reliance, another major Indian company, came into the picture. Whoever the deal is with, if it happens, it could prove a lucrative exit for MTN CEO Phuthuma Nhleko, who has said he won't seek to renew his contract when it expires in June 2010.