The South Africa-based mobile telecommunication company, MTN Group, has announced that its shares have risen by its largest amount in almost three years, according to Bloomberg.
Following Africa’s biggest wireless carrier that began a $1.1bn disposal plan to firm up the balance sheet, the company has confirmed it will sell its 53% stake in Macom to Econet for approximately $300mn. It is believed MTN is looking to offload its interest in HIS Towers.
Last year, a review of MTN’s 22 markets across the Middle East and Africa examined how the business could be simplified and there was a focus on the highest-earning countries.
Making up over 84% of earnings, South Africa, Iran, Ghana, Nigeria and Uganda are key contributors.
In a phone interview, Chief Executive Officer, Rob Shuter, said: “We are simplifying the group, we are reducing risk, and improving returns. That will generate some returns that will be helpful for our gearing and other priorities.”