MTN has announced the sale of assets worth R14 billion in 2019, as the sale are expected to be finalized in the first quarter of 2020.
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The breakdown of the asset sale: MTN in a press statement on its website disclosed that it firstly concluded an agreement to dispose of its 49% equity holdings in the Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company for $523 million, approximately R7.3 billion.
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It added that the proceeds from the sale of its stakes in Amadeus, Travelstart, and the ATC loan of R2.1 billion, two other transactions, brings the total proceeds to R14 billion thus far.
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“Following the completion of these transactions, MTN will have realized proceeds of approximately R14?billion within the first 12 months of this program. Realizing proceeds from simplifying the group remains a major strategic objective and we expect further progress in this program in 2020,” Shuter said.