MTN To Move Out Of Middle East
South African Telecom Giants have confirmed that they are moving out of the Middle East market.
This will start with the sale of its 75% stake in MTN Syria as part of “plans to simplify its portfolio and focus on its pan-African strategy.”
The Middle East assets contributed less than 4% to group earnings before interest, taxes, depreciation, and amortization in the first half ended June 30, Group President and Chief Executive Officer Rob Shuter told media as the firm reported its half-year results.
According to Bloomberg, the telecom giant is also looking to cash out on all or part of its $243 million stakes in Africa focused eCommerce giant, Jumia. This will take advantage of the massive recovery of its shares since the turn of 2020.
The telecom company wants a renewed focus on Africa, and is looking to list its Ugandan division on the country’s exchange, and bid for a license in Ethiopia, one of Africa’s largest telecom market that is yet to be privatized.