MTN offloads tower assets for R7.3-billion - TechCentral

MTN offloads tower assets for R7.3-billion

Rob Shuter

MTN Group said on Thursday that it is selling its 49% stake in the Ghana Tower Interco and Uganda Tower Interco to a subsidiary of American Tower Corporation for about R7.3-billion.

The sale is part of a three-year “asset realisation programme” announced in March 2019, from which it intends realising proceeds of at least R15-billion. The programme aims to simplify the group’s portfolio, reduce debt and risk, and improve returns, it said.

The sale of the Ghana and Uganda assets amounts to US$523-million, with the transaction expected to close in the first quarter of 2020.

At the same time, MTN said it has completed the redemption of its preference shares in Nigeria, with the group receiving an amount of $315-million (R4.4-billion) in December 2019.

“Following the completion of these transactions, MTN will have realised proceeds of approximately R14-billion within the first 12 months of this programme,” said group CEO Rob Shuter.

“Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this programme in 2020.”  — (c) 2020 NewsCentral Media

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