MTN To Leave The Middle East To Refocus Business Entirely In Africa
Mr Rob Shuter, President, MTN Group has declared that his organisation's future strategic competitiveness rests squarely on the singular pursuit of a Pan-Africa strategy. As such, he suggested MTN leave the middle east markets as soon as practicable.
Delivering the financial results for the first half of 2020, Mr Shuter said: "As part of our ongoing portfolio review, we believe the group is best served to focus in the future on our pan-African strategy. We will, therefore, be exiting the Middle East in an orderly manner over the medium term. As a first step, we are in advanced discussions to sell our 75% stake in MTN Syria."
Mr Shuter, due to leave MTN by March 2020, indicated his satisfaction with the company's half-year performance, with a headline revenue growth of 9.4 per cent to ZAR 80 Million (US$4.6 Million) as well as adding just under 11 million subscribers to bring its total pan-Africa subscriber base to over 260 million.
On the half-yearly performance, the MTN Group CEO said: "MTN's first-half performance affirmed the resilience of our people and business model as we delivered strong results against the backdrop of unprecedented socio- and macroeconomic uncertainty and challenges. As we navigate the pandemic and its effects, we have prioritised looking after our people, customers and networks while focusing on efficiencies."
"We remain focused on our journey from a traditional mobile telecommunications operator to an emerging digital operator, with 2020 being the 'Year of the customer: the digital experience' with focus on digitalisation as a tool to enhance the customer experience as well as create value for our shareholders." Mr Shuter concluded.
Credit: contribution from: ITWeb.africa