MTN Group plans to raise more than 15 billion rand ($1.05 billion) in asset sales over the next three years, Africa’s biggest telecoms group said on Thursday after reporting a massive jump in 2018 profit.
MTN, whose shares surged more than 7 percent on the announcement, is reviewing its operations in some markets and its investments in e-commerce platforms, as part of a plan to focus on high-growth markets in the Middle East and Africa.
As part of the review, the South African company has agreed to sell its minority stake in Botswana’s Mascom for $300 million. It sold its sole European unit in Cyprus last year.
MTN said its investments in tower companies and e-commerce platforms, such as African online retailer Jumia, were valued at 40 billion rand and would be sold as they were not long-term strategic assets.
“The group has committed to the portfolio review realizing more
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