MTN, Africa’s largest mobile operator, is selling its Afghanistan business to Lebanon-based M1 New Ventures for $35 million (R637 million).
This emerged when the telco today announced its third quarter financial results for the period ended 30 September.
“As part of an orderly exit of the Middle East, in August 2022 we announced that we had received a binding offer for our shares in MTN Afghanistan,” says MTN.
“In this regard, MTN Dubai and M1 New Ventures entered into agreements in which M1 will acquire all the issued shares in MTN Afghanistan for a gross consideration of $35 million.”
The company notes the transaction is subject to various conditions precedent, including the conclusion of a transition agreement and regulatory approvals.
It adds that the 49% non-controlling minority financial investment in Irancell continues to be managed for value within the MTN portfolio.
The move to dispose of the Afghan unit comes as MTN has been pulling out of the Middle East region over the past years.
This, after the company faced several challenges with its operations in the volatile region.
In Afghanistan, MTN previously received backlash for its alleged dealings with Taliban forces.
MTN also recently abandoned its Syria unit after battling with authorities after the company was placed under curatorship.
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