MTN said it has concluded an agreement to dispose of its 49% equity holdings in the Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company.
TheNewsGuru.com (TNG) reports the South African telecom giant made this known in a statement, revealing that the transaction is expected to close in Q1 2020.
Recall MTN had in March 2019 announced its asset realisation programme with a view to simplify its portfolio, reduce debt and risk, improve returns and realise proceeds of approximately N380 billion over three years.
TNG gathers that it would cost the American Tower Company subsidiary the sum of $523 million, approximately N189 billion, to acquire the MTN 49% stake in the Ghana and Uganda Tower Company investments.
Similarly, MTN has confirmed that MTN Nigeria had completed the redemption of its preference shares with MTN Group receiving, in December 2019, an amount of $315 million, approximately N114 billion.
TNG learnt MTN had earlier raised proceeds from the disposals of its stakes in Amadeus, Travelstart and ATC loan of R2,1 billion (approximately N53 billion).
The development has left the question asked hanging if the South African telecom giant is in a financial mess.