MTN Group has agreed to sell its towers businesses in Ghana and Uganda as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.
MTN said it had agreed to sell its 49% holdings in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A. for $523 million.
The sale is expected to close in Q1 2020 leaving MTN with a profit of 6 billion rand ($425.74 million).
The company also said it had finalised the redemption of MTN Nigeria preference shares, raising $315 million.
“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. ($1 = 14.0931 rand)