.MTNGroup is selling its Afghanistan business to Beirut-based M1 New Ventures for $35 million* (R639.5 million) as Africa’s largest wireless carrier continues to reduce its presence outside the continent. Moneyweb BusinessNews
MTN Group is selling its Afghanistan business to Beirut-based M1 New Ventures for $35 million* as Africa’s largest wireless carrier continues to reduce its presence outside the continent. The Johannesburg-based company announced the deal Friday alongside third-quarter results. The M1 Group is owned by Lebanon’s Mikati family, who sold Middle East assets to the South African company in 2006, when MTN was seeking to expand in the region. MTN shares rose as much as 5.
Separately, MTN said it’s advancing talks with strategic investors to buy a stake in its fintech unit. The talks are moving toward a binding-offer stage, and MTN expects outcomes by the first quarter of next year. Customers at the fintech business increased by 23.3% to 63 million in the third quarter from a year earlier, with transaction volumes up by a third to 9.5 billion.
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