MTN invest Nigeria
Photo credit: thenationonlineng.net

MTN raised R14bn from assets sale in 2019:

MTN Group has said that it gained R14bn from the disposal of some assets last year. According to the telecommunications giant, its Asset Realisation Programme in March 2019 was set up to simplify its portfolio, decrease debt and risk, enhance returns and realize proceeds of at least R15bn over 36 months.

Their statement read, “Following on the proceeds raised from the disposals of its stakes in Amadeus, Travelstart and the ATC loan of R2.1bn earlier in the year, MTN has now concluded two further transactions, bringing the total proceeds from its ARP to R14bn thus far.

“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 $523m, approximately R7.3bn. This transaction is expected to close in Q1 2020.”

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David Folami is from Nigeria, Ogun State to be precise. He is a tech lover and an upcoming musician. He works as a content writer for JBKlutse where he covers technology and lifestyle news. He adores a productive time online.

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