Africa's MTN exits towers businesses in Ghana and Uganda [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
Africa's MTN exits towers businesses in Ghana and Uganda JOHANNESBURG, Jan 2 (Reuters) - MTN Group has agreed to sell its towers businesses in Ghana and Uganda as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East. Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this year. MTN said it had agreed to sell its 49% holdings in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands CoAsperatief U.A. for $523 million. The sale is expected to close in Q1 2020 leaving MTN with a profit of 6 billion rand ($425.74 million). The company also said it had finalised the redemption of MTN Nigeria preference shares, raising $315 million. MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes. “We remain focused on continuing to execute on the imp
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