Africa's MTN exits towers businesses in Ghana and Uganda
SEE ALSO :MTN's mobile money to go livePreference shares The sale is expected to close in Q1 2020 leaving MTN with a profit of 6 billion rand ($425.74 million or Sh42.57 billion). The company also said it had finalised the redemption of MTN Nigeria preference shares, raising $315 million (Sh31.5 billion). MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes. “We remain focused on continuing to execute on the important strategic priorities of reducing debt, simplifying the portfolio and reducing risk,” the firm said in a statement. The company is aiming to shed loss-making e-commerce assets and exit countries where it has no prospect of reaching the top-two spots in terms of market share.
Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.