MTN has agreed to sell its stake in a Belgian telecoms operator for R1.8bn, as part of an effort to reduce debt and focus on its business in Africa.
The sale is part of the group’s asset restructuring programme, launched in March 2019, which aims to reduce debt, simplify the group’s portfolio, reduce risk, improve returns and realise capital of at least a further R25bn over three to five years.
“The sale represents further progress in MTN’s stated asset realisation programme (ARP), which aims to reduce debt, simplify its portfolio, reduce risk, improve returns and unlock value.”
MTN received the stake in BICS in 2009 as part of a deal to merge its own international carrier services with the international company.
Business Day
Please follow and like us:
Leave a Reply