Firstly, MTN has concluded an agreement to dispose of its 49 percent equity holdings in the Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company for $523 million, approximately R7.3 billion. This transaction is expected to close in Q1 2020.
Secondly MTN confirms that MTN Nigeria has completed the redemption of its preference shares with MTN Group receiving, in December 2019, an amount of US$315 million (cR4,4 billion).
MTN Group President and CEO Rob Shuter said: “Following the completion of these transactions, MTN will have realised proceeds of approximately R14 billion within the first 12 months of this program. Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this program in 2020.”
Launched in 1994, MTN Group has 244 million customers in 21 countries in Africa and the Middle East.