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
-
Nigeria’s New $6 Billion External Debt Tests Whether Reforms Can Deliver Productive Growth
13:18
-
Ethiopia Mobilizes Universities to Tackle Climate Emergency
13:00
-
Nigeria Rolls Over $7.7 Billion in 2025 Projects into 2026 Budget
12:58
-
Ghana Backs $250 Million AI Hub to Expand Digital Economy
12:47
-
Africatek 2025 in Ouagadougou to spotlight AI adoption across Africa
10:17
-
Cascador Opens Applications for ScaleUp 2026 Startup Program
10:04
-
Cashi, IFC to roll out interoperable payments platform in Central Africa, starting with Chad
10:03
-
Ethiopia unveils teleSign e-signature system to streamline government services
21:26
-
Pests and Flooding Hit Cameroon’s Cotton Sector, Driving Annual Losses Above CFA10 Billion
20:50
-
Cameroon Raises CFA144 Billion in Bond Sale as Short-Term Funding Pressures Persist
20:35
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Nigeria's Senate approved an additional $6 billion in external borrowing on March 31. The news is backed by several reforms that lifted GDP...
Ethiopia positions universities as central actors in climate response. Authorities seek to translate research into practical solutions for a...
Nigeria’s 2026 budget rises to $49.4 billion to fund infrastructure, public services, and carry-over commitments; $7.7 billion of...
Angola deploys its first offshore carbon capture system on an FPSO at the Agogo field. The project could cut emissions by up to 27%. The move...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...