UPDATE 3-African telecoms group MTN says divestment plan on track after first-half sales [Reuters (UK)]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
UPDATE 3-African telecoms group MTN says divestment plan on track after first-half sales - Reuters 3 Min Read * Sold loan in ATC Ghana, interest in Amadeus * Looking to redeem preference shares in Nigeria * Service revenue up 9.7% * Shares down 2.1% after hitting year high on Weds (Adds fintech and instant messaging services) By Nqobile Dludla JOHANNESBURG, Aug 8 (Reuters) - MTN Group Ltd is on track to meet a divestment target set in March after raising $140 million from asset sales that will slim down Africa’s largest mobile phone operator and refocus it on high-growth markets. MTN is reviewing a raft of investments under a three-year, 15 billion rand ($996 million) divestment plan that includes shedding loss-making e-commerce assets and exiting countries where it has no prospect of reaching first or second place by market share. In the first half through June it sold its shareholder loan in ATC Ghana to American Tower Corp for 900 million rand and its interests in investment fund A
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