MTN exits popular African country sells subsidiary to government
MTN Group has sold its subsidiary in the Republic of Guinea to the government.
In a statement on Thursday, the telecommunications company (telco) said the sale was concluded on December 30, 2024.
MTN said the transaction aligns with its focus on portfolio optimisation and simplification, as part of the ‘Ambition 2025’ strategy.
Commenting on the sale of the business, Ralph Mupita, MTN Group president and chief executive officer (CEO), said the development marked its final exit from the market.
“This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and MTN thanks the staff, customers, regulators and broader stakeholders in Guinea for the support during the time MTN has been operational in the country,” Mupita said.
“Concluding this transaction is in line with the strategy to simplify the portfolio and allocate capital to markets where we can make a difference as MTN and deliver long-term growth and returns.”
In August 2024, Mupita explained the group’s rationale for disposing of operations in Guinea-Conakry and Guinea-Bissau, saying that MTN evaluates each market’s ability to fund its growth sustainably.
The CEO said the moment a business cannot sustainably fund its growth for whatever reason, the telco has to assess the portfolio.
