MTN Makes Over $975 Million In Asset Sales -Reports
MTN recently revealed in a statement, that it had made over $975 million in asset sales last year.
The operator unveiled its Asset Realisation Programme (ARP) in March 2019 intending to reduce debt and risk, improve returns, simplify its portfolio and realise proceeds of at least $1 billion over three years.
Following on the proceeds that were raised from the disposal of its stakes in Travelstart, Amadeus and the ATC loan of $146 million earlier last year, MTN said that it had now concluded two more transactions, bringing the total proceeds of its ARP to $975 million.
So far this year, MTN has concluded an agreement to dispose of its 49% shareholdings in the Uganda and Ghana Tower Company investments to a division of the American Tower Company for approximately R7.3 billion ($523 million).
MTN Nigeria also redeemed its preference shares with the MTN Group in December 2019 and received a total amount of $315 million (R4,4 billion).
The CEO and Group President of MTN, Rob Shuter, said that following the completion of these recent transactions, MTN would have realised generous proceeds of approximately $975 million within the first 12 months of the program.
He added that the mobile operator looks forward to further progress in the program in 2020.
Credit: This article originated from www.businesstech.co.za