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MTN Group Reveals Plan To Sell Off Its $243m Stakes At Jumia

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In an effort to intensify its stand in the telecommunication market, MTN Group has disclosed that it is ready to sell its $243 million interest in Jumia Technologies AG.

MTN Group would be taking advantage of the fact that Jumia’s shares have gained about 142% so far in 2020, recovering from its record lows in 2019.

Jumia which is recognized as Africa’s Amazon operates in about 14 African international locations which include Nigeria and Ivory Coast. as a corollary, it lacks where Jumia Technologies AG still lacks distribution infrastructure.

READ: MTN Group Announces Plans To Exit Middle East

MTN, which had earlier marked the online retailer as a non-core business, is enlivening plans for a sale after Jumia’s shares pitched 142 per cent this year, recuperating from a dip in 2019. Although, no end choice about the sale has been made, due to the fact that the plans are private, Bloomberg reports.

The Johannesburg-based MTN has been disposing of non-core property as part of the company’s approach to limit debt and drive growth for the future.

READ: MTN Nigeria Witnesses 4.7% Decline In Profit Post Tax In H1 2020

MTN Group

MTN Group additionally has a 29 per cent stake in IHS Towers, which it can also liquidate in the future.

Meanwhile, Africa’s biggest wireless service by footprint has generated $812 million in sales of assets that included selling its towers holdings in Ghana and Uganda to American Towers Inc.

READ: Is Jumia Bowing Out Of Business, As Founders Quit?

The company plans include the bid for a permit to enter Ethiopia, one of the biggest markets in Africa that are to privatize its telecommunications industry.

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