MTN Concludes Sale Of ATC Joint Venture In Ghana

Further to the asset realisation programme (‘ARP’) that the MTN Group introduced in March 2019, the mobile giant has confirmed it has received the necessary regulatory approvals for the disposal of its stake in ATC Ghana.

This follows the telco’s announcement on 11 March 2020 revealing its 2019 annual results as well as the conclusion of the disposal of its stake in ATC Uganda for $124 million.

The company issued a statement explaining that it would be receiving further transaction proceeds of roughly US$384-million over the next week.

This takes the overall proceeds received for the sale of both ATC Uganda and ATC Ghana to more than $503 million, which will be applied to paying off US-dollar debt and other general corporate purposes.

Last week MTN announced that it is slashing its data prices by 50% as a result of a recommendation that had been handed down to both MTN and Vodacom by South Africa’s Competition Commission.

MTN said that it remains focused on its strategic execution and further committed to its defined and disciplined framework of capital allocation.

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