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Nairaland Forum / Nairaland / General / MTN Sells Botswana Unit. Looking To Cut Debt In Countries Including Nigeria. (263 Views)
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|MTN Sells Botswana Unit. Looking To Cut Debt In Countries Including Nigeria. by BamiTii(f): 10:41am On Mar 07, 2019|
MTN Group Ltd., is selling out of a Botswana joint venture as the first step in its aim to raise $1.1 billion to shore up the balance sheet.
The Johannesburg-based company in a statement on Thursday said the company agreed to sell its 53 percent stake in Botswana's Mascom to Econet Wireless Zimbabwe Ltd. for $300 million.
This sale follows a disposal of its Cyprus unit for $294 million.
The mobile phone company is facing challenges across its territories, in Nigeria the company has a court hearing of an alleged unpaid tax bill of about $2 billion due later this month.
MTN still plans to list its Nigeria unit in Lagos over the first half of the year.
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