https://www.engineeringnews.co.za

MTN realises R14bn in asset sales in 2019

24th January 2020

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JSE-listed telecommunications giant MTN has secured proceeds of R14-billion to date through its asset realisation programme (ARP).

The programme kicked off in March last year, aiming to simplify the group’s portfolio, reduce debt and risk, improve returns and realise proceeds of at least R15-billion over three years.

The group disposed of its stakes in investment fund Amadeus, Travelstart and the ATC loan of R2.1-billion earlier in the year.

MTN agreed to sell all its interest in Amadeus and its associated holding in Travelstart to private equity firm HarbourVest for net proceeds of R1.2-billion.

The conclusion of two further transactions brought total proceeds to R14-billion to date.

MTN concluded an agreement to dispose of its 49% equity holdings in its Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company for $523-million, or about R7.3-billion.

This transaction is expected to close in the first quarter of 2020.

Further, MTN Nigeria has completed the redemption of its preference shares with MTN Group receiving $315-million, or R4.4-billion, in December.

“Following the completion of these transactions, MTN will have realised proceeds of about R14-billion within the first 12 months of this programme,” says MTN Group president and CEO Rob Shuter.

“Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this programme in 2020,” he concludes.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.099 0.161s - 164pq - 2rq
Subscribe Now