MTN Group has agreed to sell its equity interests in MTN Guinea-Bissau and Guinea-Conakry to Telecel, as part of its strategy to exit smaller markets in the West and Central Africa region. The exact cost of the sale remains undisclosed, but MTN’s financial report shows these businesses were classified as held for sale as of December 31, 2023.
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MTN Guinea-Bissau faced challenges, including breaching a loan covenant due to negative EBITDA performance. The conversion of its financial results into the primary currency resulted in a loss of R1.69 billion ($89,392,809).
Exiting these markets will enable MTN to focus on stronger markets like Ghana, Cameroon, and Cote d’Ivoire, which collectively contribute 18.6% to the group’s revenue. In contrast, other WECA countries contribute only 7.3% to the firm.
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