MTN Group to dispose of 15% stake in Nigerian subsidiary
Wednesday, 01 April 2020 15:59
Ralph Mupita, Head of MTN Group, announced the company plans to sell 15% of its stake in MTN Nigeria. If the operation is completed, MTN will hold 64% in the subsidiary.
In an interview with Bloomberg, Mr. Mupita said the move is part of the Asset Realization Program (ARP) - launched by MTN Group in March 2019- to simplify portfolio, reduce debt and risk, improve general returns and also realize a capital of at least R15 billion over 3 years.
Under this program, MTN sold stakes in ATC Ghana to American Tower Corporation for R900 million, and shares in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Cooperatief U.A. for $523 million. The company has also divested interest in the investment fund Amadeus and Travelstart.
At the end of the financial year which ended on December 31, 2019, MTN Nigeria contributed 30.77% of the MTN Group's total revenue of R151.46 billion.
Live News
-
Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
19:59
-
Cotton: Mali to Expand Cultivation Area by 50,000 Hectares in 2025-2026 Season
19:16
-
Tanzania Launches SGR Freight Rail Service to Boost Regional Trade
19:02
-
West African Regulators Gather in Lomé to Tackle Illicit Veterinary Medicines
18:19
-
Semry Bleeds Nearly CFA8 Billion in Rice Losses Over Four Years
17:02
-
Niger Moves to Modernize ID System with Biometric e-ID and e-Passport
16:35
-
Angola Taps U.S. Firm Cybastion to Boost Cybersecurity
15:55
-
Gabon: World Bank Calls for Focus on Green Jobs to Boost Employment
15:50
-
TikTok Strengthens Its Commitment to Digital Well-Being in Africa
15:10
-
BCEAO: Mawuli Couchoro Appointed Togo’s New Voice on Monetary Policy Committee
12:39
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
• Mali plans to increase its total cotton cultivation area to 672,000 hectares in the 2025/2026 season, marking a 7.8% or 50,000-hectare increase from the...
• Tanzania Railways Corporation inaugurated freight service on the Standard Gauge Railway (SGR) between Dar es Salaam and Dodoma.• The SGR is part of...
• World Bank advocates for green jobs as a strategic solution for Gabon's economy and youth unemployment.• Despite natural wealth, training in sustainable...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...