MTN Group plans to raise more than 15 billion rand ($1.05 billion) in asset sale...
JOHANNESBURG - MTN Group plans to raise more than 15 billion rand in asset sales over the next three years, Africa’s biggest telecoms group said on Thursday after reporting a massive jump in 2018 profit.
As part of the review, the South African company has agreed to sell its minority stake in Botswana’s Mascom for $300 million. It sold its sole European unit in Cyprus last year. Shares in MTN jumped 7.2 percent to 81.70 rand by 0731 GMT, outperforming a 0.5 percent rise on the benchmark JSE Top-40 indexFounded with government help after the end of apartheid in 1994, MTN has been one of South Africa’s biggest corporate success stories, but clashes with regulators have distracted management and crimped growth.
The fine was reduced from more than $5 billion after MTN made concessions, including a promise to list its Nigeria unit.
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