MTN takes proceeds from asset sales to ZAR 14 billion

News Wireless Africa 2 JAN 2020
MTN takes proceeds from asset sales to ZAR 14 billion

MTN Group said it has concluded two further transactions, bringing the total proceeds from its Asset Realisation Programme (ARP) to ZAR 14 billion so far. This follows proceeds raised from the disposals of its stakes in Amadeus, Travelstart and the ATC loan of ZAR 2.1 billion in 2019. Firstly, MTN confirmed it will sell 49 percent in the Ghana and Uganda Tower Company to American Tower Company for USD 523 million. This transaction is expected to close in Q1 2020. 

MTN also confirmed that MTN Nigeria has completed the redemption of its preference shares with MTN Group receiving, in December 2019, an amount of USD 315 million. Group CEO Rob Shuter said realising proceeds from a simplification of the group remains a major strategic objective and that they expect further progress here this year. 

The group announced its ARP plan in March 2019, with the aim to simplify the company's portfolio, reduce debt and risk, improve returns and realise proceeds of at least ZAR 15 billion over three years. 

Categories:

Mobile

Companies:

MTN,  MTN Nigeria,  American Tower

Regions:

Africa

Countries:

Ghana,  Nigeria,  Uganda

Tags:

Sales figures, Corporate strategy

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