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    HomeFinancial/RegulationMTN moves closer to exiting Middle East with $35m sale of Afghan...

    MTN moves closer to exiting Middle East with $35m sale of Afghan opco

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    The prospective buyer has been named as Lebanon-based investment group M1 New Ventures 

    Having signalled its intention of moving out of the Middle East to refocus on its African businesses in 2020, MTN has named a buyer for its Afghani opco. MTN has revealed it had a party interested in the acquisition in October.

    MTN named the prospective buyer as the Lebanon-based investment holdings group M1 New Ventures in its earnings report for H1. The deal is subject to a transition agreement and regulatory approvals.

    Assuming the deal goes through, MTN’s only Middle East holding will be a 49% stake in Iran’s Irancell – the rest is held by the government. In 2020, MTN said it plans to exit the country in the next three to five years but was obliged to issue reassurance that no immediate exit was in prospect four months later.

    MTN reported a rise of 46.5% in revenues in its H1 earnings report. It alsoreported group revenue was up 14.3% year on year and that its total subscribers grew 6.8% to 285 million.

    There was an increase of 23.3% to 63 million for its fintech services. The operator group said it has received a binding offer and expects to secure a minority investment in the unit early in the New Year.