MTN Group to exit Botswana
Friday, 08 March 2019 15:57
MTN group has decided to sell its 53% stakes in Mascom Wireless Botswana (Pty) Limited to its partner Econet Wireless (Pty) Limited.
The transaction is estimated at $300 million and should be concluded by June 2019. It is however subjected to approval.
According to MTN Group, its withdrawal from the Botswanan market is due to the extraneous nature of that subsidiary (despite its 51.4% market share) for the group’s financial health.
The withdrawal falls within the framework of portfolio revamp initiated by the group in July 2018 with the sale of MTN Cyprus to Monaco Telecom for $304 million. At the time, the South African group announced that some extraneous subsidiaries in small or problem markets would follow. Many people thought that it would be the turn of Liberia, South Sudan or Guinea Bissau.
By December 31, 2018, Mascom Wireless Botswana (Pty) Limited had 969,000 subscribers. In 2018, the subsidiary generated ZAR926 million ($673,107,028), 12.3% down year on year.
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