File photo
MTN Group has said it realised R14bn from the disposal of some assets in 2019.
The telecommunications company said it announced its Asset Realisation Programme in March 2019, which aimed to simplify its portfolio, reduce debt and risk, improve returns and realise proceeds of at least R15bn over three years.
It said in a statement, “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 per cent 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.”
MTN confirmed that MTN Nigeria had completed the redemption of its preference shares with MTN Group, receiving $315m (about R4.4bn) in December 2019.
The Group President and Chief Executive Officer, Rob Shuter, was quoted as saying, “Following the completion of these transactions, MTN will have realised proceeds of approximately R14bn within the first 12 months of this programme.
“Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this programme in 2020.”
