Telecom

MTN Group sells Afghan operations

Friday, 04 November 2022 16:07
MTN Group sells Afghan operations

(Ecofin Agency) - MTN entered the Afghan market in 2006. Currently, it is the leading operator with about 40% of the market, ahead of Etisalat.  

MTN Group announced today, an agreement with Lebanese company M1 New Ventures (M1) for the sale of its Afghan subsidiary for US$35 million.  The agreement marks the beginning of the group's exit from the Afghan market where its operations have been hardened, in recent years, by sociopolitical and economic issues.

Under the agreement, M1 will acquire all the shares issued by MTN Afghanistan. However, " The transaction is subject to various conditions precedent including the conclusion of a transition agreement and regulatory approvals," MTN Group writes. The payment is expected to be made over some time and will ultimately net MTN US$31 million.

In 2020, MTN unveiled plans to exit the Middle East to focus on its core business in Africa as part of its efforts to simplify its structure and reduce its exposure to riskier markets.

In 2021, it exited the Syrian and Yemeni markets. Days after US troops withdrew from Afghanistan, it also began discussions with potential buyers to sell its local operations. In August 2022, the company said it had found a buyer but it did not disclose a name.

If the deal with M1 goes through, it will mark MTN Group's final exit from the Middle East, except for Iran, where the company has decided to stay. "The 49% non-controlling minority financial investment in Irancell continues to be managed for value within the MTN portfolio," the company indicates.

Isaac K. Kassouwi





 
Finance


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.