MTN, a leading telecom operator in Africa, has completed the sale of ATC joint ventures for R 8.9 billion.
MTN Group announced the disposal of its stake in ATC Uganda for R 2.2 billion and ATC Ghana for R 6.7 billion.
MTN will utilize the proceeds from the disposal of both ATC Uganda and ATC Ghana for paying down US-dollar debt and general corporate purposes.
MTN Group will have realised R 15 billion within the first 12 months of its initial three-year ARP. MTN has enhanced its ARP guidance framework to a target of at least R 25 billion in further asset realisations over the medium-term of 3-5 years, and a holding company leverage target ratio of below 2 times.