(Ecofin Agency) - Ralph Mupita, Head of MTN Group, announced the company plans to sell 15% of its stake in MTN Nigeria. If the operation is completed, MTN will hold 64% in the subsidiary.
In an interview with Bloomberg, Mr. Mupita said the move is part of the Asset Realization Program (ARP) - launched by MTN Group in March 2019- to simplify portfolio, reduce debt and risk, improve general returns and also realize a capital of at least R15 billion over 3 years.
Under this program, MTN sold stakes in ATC Ghana to American Tower Corporation for R900 million, and shares in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Cooperatief U.A. for $523 million. The company has also divested interest in the investment fund Amadeus and Travelstart.
At the end of the financial year which ended on December 31, 2019, MTN Nigeria contributed 30.77% of the MTN Group's total revenue of R151.46 billion.