MTN Group progresses exit from Yemen
Telecommunications giant MTN Group has transferred, effective November 17, its majority shareholding in MTN Yemen to Emerald International Investment.
Emerald is a subsidiary of Zubair Investment Center, an affiliate of Zubair Corporation, which is the minority shareholder in MTN Yemen.
“The decision to exit Yemen was driven by a need to simplify the portfolio and focus our limited resources on executing a pan-African strategy,” said MTN Group president and CEO Ralph Mupita.
The exit from its Yemen operations through the transaction is in line with MTN’s Ambition 2025 strategy, as well as its intention to exit the Middle East.
“We would like to thank the 719 employees of MTN Yemen for their commitment over the years, and the 4.7-million subscribers of MTN Yemen for their custom and trust in the brand. We wish Emerald well in the next phase of development of this business as they work with the team that served MTN well over the years.”
In August 2020, MTN Group announced plans to exit the Middle East over the medium term to focus on its pan-African strategy and simplify its portfolio and reduce risk.
During the first half of 2021, MTN Yemen contributed 0.3% to MTN Group earnings before interest, taxes, depreciation and amortisation.
MTN Group held 82.8% of the shares in MTN Yemen.
The Yemen operations’ operating licence for its second-generation network is due for renewal at the end of 2021.
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