MTN announced the operator’s exit from its operation in Yemen, part of its earlier announced plans to stop operating in the Middle East and focus on Africa. Effective 17 November, MTN Group transferred its majority shareholding in MTN Yemen to Emerald International Investment. Emerald is a subsidiary of Zubair Investment Centre, an affiliate of Zubair Corporation, which is the minority shareholder in MTN Yemen.
In August 2020, MTN Group announced plans to focus on a pan-African strategy and exit the Middle East over the medium term, simplifying its portfolio and reducing risk. In the first half of 2021, MTN Yemen contributed 0.3 percent to MTN Group EBITDA. MTN Group held 82.8 percent of the shares in MTN Yemen, whose operating licence for its 2G network is due for renewal at the end of 2021.
No financial details of the transaction were disclosed.
