MTN Group, has completed the sale of its smaller West African subsidiary Spacetel Guinea-Bissau S.A. (MTN Guinea-Bissau) after receiving all regulatory approvals.
The telco stated that the sale to Telecel Group Mobile Limited is in keeping with the Group’s strategic aim of accelerating portfolio transformation.
“MTN has taken steps to ensure a seamless transfer of ownership, which the Group believes is in the best interests of MTN Guinea-Bissau, its stakeholders and the sector in Guinea- Bissau at large,” according to the company.
The sale was completed after MTN Group CEO Ralph Mupita informed shareholders and markets in April that the telco’s objective was to streamline and restructure its portfolio.
At the time, he said that the business had completed the sale of MTN Afghanistan, which marked the end of the group’s planned exit from its Middle East companies.
Mupita went on to say: “We also accepted an unsolicited offer, subject to conditions precedent, including regulatory approvals for MTN’s equity interests in MTN Guinea-Bissau and MTN Guinea-Conakry.”
