(Ecofin Agency) - The South African telecoms group MTN has decided to divest its tower operations in Ghana and Uganda. The company will sell its 49% shares in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A., a subsidiary of American Tower Corporation, for the sum of $523 million.

MTN explained that through this strategic repositioning, which is in line with the three-year asset disposal plan worth R15 billion ($1.05 billion dollars), the group wants to refocus on the high-growth markets of the continent and the Middle East.

The sales operation is expected to close in the first quarter of 2020, allowing the telecom company to generate a profit of $425.74 million which will be used to “execute the important strategic priorities of reducing debt, simplifying the portfolio and reducing risk,” the company said in a statement.

MTN CEO Rob Shuter had initiated a recovery plan for the company focused on a number of areas, including eliminating loss-making assets or exiting countries where MTN has no prospect of reaching the top-two positions in terms of market share. The plan also includes investment in growth sectors such as data with a focus on services such as video streaming, mobile gaming, and mobile financial services.