MTN exits tower business in Uganda, Ghana
Africa’s largest telecom firm, MTN, has agreed to sell its towers businesses in Uganda and Ghana as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.
Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this year.
MTN said it had agreed to sell its 49% holdings in Uganda Tower Interco B.V and Ghana Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A. for $523 million. The sale is expected to close in this first quarter of 2020 leaving MTN with a profit of 6 billion rand ($425.74 million).
The company also said it had finalized the redemption of MTN Nigeria preference shares, raising $315 million. MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes.
Related Posts
Sahara Group boosts Ghana’s clean energy supply with 40,000 CBM LPG vessel
Sahara Group has commissioned the MT Asharami Ghana, a 40,000 cubic metre Liquefied Petroleum Gas (LPG) carrier, bolstering…
ByMSC expands Nigeria footprint with 45-year terminal deal in Lagos
Mediterranean Shipping Company (MSC), the world’s largest container shipping line, has signed a 45-year concession agreement to develop…
NSE celebrates landmark listing of ALP Industrial REIT
The Nairobi Securities Exchange (NSE) entered the record books,as Africa Logistics Properties Holdings Limited (ALPH) rang the opening…
Sidney Wafula to assume role of BAT Kenya Managing Director in June
British American Tobacco (BAT) Kenya has unveiled a key executive shake-up as part of its succession strategy, naming…
Gallery
