MTN concludes R4.5 billion Cyprus sale
MTN has received R4.5 billion ($262 million) from the sale of MTN Cyprus to Monaco Telecom.
MTN announced on 16 July 2018 that its wholly owned subsidiary, MTN Dubai Limited, had entered into an agreement in terms of which it had sold 100% of MTN Cyprus to Monaco Telecom S.A.
The sale was part of an ongoing portfolio review by MTN Group, it said. It has now concluded.
MTN Cyprus, which was the group’s only business in the European Union, was acquired as part of the acquisition of telecoms holding company Investcom LLC in 2006.
The reason for the sale was because the company fell outside MTN’s core footprint in Africa and the Middle East.
Proceeds from the sale will be used towards the settlement of US$ denominated debt, MTN said.
Read: MTN may get naira refund by paying $8.1 billion Nigeria demands
Loading ...