MTN Group announces plans to exit two African countries
By Charity Nginyu
In its 2023 financial report, MTN Group, a leading telecommunication giant, has disclosed its intention to divest from smaller markets within the West and Central African region, Guinea-Bissau and Guinea-Conakry.
A spokesperson for MTN Group confirmed the impending sale of its business segments in the specified African countries but refrained from disclosing the financial details surrounding the transaction. However, it was confirmed that the sale has been accepted by Telecel, a prominent Africa-focused telecommunication service provider.
The decision to sell off its operations in these countries is expected to streamline MTN’s operations and enable a sharper focus on key markets such as Ghana, Cameroon, and Cote d’Ivoire.
These markets, reports say, collectively contribute 18.6% to the company’s revenue and have been identified as strongholds within the West and Central African region.
It is reported that the divestment from Guinea-Bissau and Guinea-Conakry, which together contribute 7.3% to MTN Group’s revenue, will allow the company to reallocate resources and expertise to bolster its presence in markets with higher revenue generation potential.
