MTN raises $140.24 million as part of divestment plan

South African telco giant, MTN Group has raised about $140.24 million from its asset sales in the first half of 2019.

Making this disclosure to some newsmen in a post-earnings conference in Johannesburg, MTN’s Group Chief Executive, Rob Shuter said the fund raised was part of a divestment plan to simplify the company’s portfolio.

MTN in March this year (2019) announced a $99.5 million divestment programme that will be embarked upon over the next three years and will reduce risk and improve returns. Nairametrics understands that the telco is committed to revamping its presence in some markets alongside investments in e-commerce platforms as part of a plan to streamline the company into a focused operator in high-growth markets in the Middle East and Africa.

With the recent change that saw Pascal Dozie leave his position as the Chairman of the Nigerian arm of the company, alongside five other Non-Executive Directors, one can say the strategic revamp the company is committed to isn’t only going to take place at the parent company.

The Non-Executive Directors whom the company retired alongside Dozie were:

  • Col. Sani Bello (Rtd) Vice-Chairman;
  • Chief Victor Odili, OON Non-Executive Director;
  • Mallam Ahmed Dasuki Non-Executive Director;
  • Mr Babatunde Folawiyo Non-Executive Director; and
  • Mr Gbenga Oyebode, MFR Non-Executive Director.

Replacement: Meanwhile, the telecommunications company appointed Ernest Ndukwe as its Chairman-designate.

Independent Non-Executive Directors

  • Mr Michael Onochie Ajukwu
  • Muhammad .K. Ahmad

Non-Executive Directors

  • Mr Andrew Alli
  • Mrs Omobola Johnson
  • Mr A.B. Mahmoud, SAN
  • Mrs Ifueko Okauru

About MTN: MTN (formerly known as M-Cell) was founded in 1994 and has over 200 million subscribers. It is a South African Multinational telecommunications company, operating in many African, European and Asian countries. The company is one of the three largest telecommunications firms in Africa. It is headquartered in Johannesburg. 

 

 

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