Uganda’s biggest telecom firm, MTN, has agreed to sell its towers businesses in Uganda and Ghana as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.
Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this year, according to Reuter’s news agency.
MTN said it had agreed to sell its 49% holdings in Uganda Tower Inter-co B.V and Ghana Tower Inter-co B.V. to AT Sher Netherlands Cooperative U.A. for $523 million. The sale is expected to close in this first quarter of 2020 leaving MTN with a profit of 6 billion rand ($425.74 million).
The company also said it had finalized the redemption of MTN Nigeria preference shares, raising $315 million. MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate