MTN Group announced it received regulatory approval to sell its Guinea-Bissau unit to Telecel Group as the operator pushes on with its plan to focus on core markets in Africa.
In a regulatory filing, MTN stated it had concluded the sale of its “small West African subsidiary” MTN Guinea-Bissau.
The move is in line with its strategy to streamline its portfolio of units. The company has began steps to transfer ownership which, “the Group believes is in the best interests of MTN Guinea-Bissau, its stakeholders and the sector in Guinea-Bissau at large.”
MTN Group accepted Telecel’s offer for Guinea-Bissau and Guinea-Conarky in December 2023, highlighting the how the units were contributing little to group bottom line.
MTN Guinea-Bissau recorded 830,000 subscribers in the first quarter of 2024, a decline year-on-year decline from 871,000. Revenue in Q1 from the unit was ZAR94 million (US$5.1 million) up from ZAR73 million.
In the same regulatory filing, MTN revealed it had renewed tower leases in Nigeria.
