Divestment Plan On Track – MTN

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MTN Group Ltd is on track to meet a divestment target set in March after raising $140 million from asset sales that will slim down Africa’s largest mobile phone operator and refocus it on high-growth markets.

MTN is reviewing a raft of investments under a three-year, 15 billion rand ($996 million) divestment plan that includes shedding loss-making e-commerce assets and exiting countries where it has no prospect of reaching first or second place by market share.

In the first half through June it sold its shareholder loan in ATC Ghana to American Tower Corp for 900 million rand and its interests in investment fund Amadeus and booking website Travelstart for 1.2 billion rand.

It has cut its stake in newly-listed Jumia Technologies to 18.9% from 29.7% after the listing and is in the process of redeeming MTN Nigeria preference shares for $315 million.

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