MTN raises $140 million in divestment plan
MTN Group Ltd says it has raised 2.1 billion rand (140.24 million dollars) from asset sales in the first half of this year as part of a divestment plan to simplify its portfolio.
The Group Chief Executive, Rob Shuter, told reporters in a post-earnings conference call on Thursday in Johannesburg that the firm’s three-year plan to reposition the firm was on track.
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MTN is in the middle of reviewing its presence in some markets alongside investments in e-commerce platforms as part of a plan to streamline the company into a focused operator in high-growth markets in the Middle East and Africa.
In March, it announced a 15 billion rand divestment programme over the next three years that will also reduce risk and improve returns.
The firm had said in a statement that in the first half of the year, it sold its shareholder loan in ATC Ghana to American Tower Corporation for 900 million rand.
It said it also sold its interests in investment fund Amadeus and its associated holding in Travelstart for 1.2 billion rand.