MTN to sell stake in BICS for R1.8bn
Telecommunications group MTN has concluded an agreement to sell its 20% stake in Belgacom International Carrier Services (BICS) to Proximus NV/SA for R1.8-billion (€100-million).
MTN plans to use the proceeds to pay down US dollar debt and for general corporate purposes.
The deal, which is part of MTN’s asset realisation programme, remains subject to the fulfilment of conditions precedent and the timing of closing is dependent on customary regulatory approvals.
“BICS was classified as a non-current asset held for sale and this transaction has resulted in a remeasurement of its carrying value resulting in a reduction of R397-million for the year ended December 31, 2020,” the company said in an update to shareholders.
“MTN will record a profit on disposal amounting to approximately R1.2-billion during the first half of 2021, mainly owing to the release of the foreign currency translation reserve. This results in a net impact of R812-million over the two periods.”
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