In an effort to add to available liquidity, telecommunications company, MTN Group, is selling off part of its assets. The company is also abandoning some assets to force out its market exit.
The network provider is about to generate around $747 million from the sale of its South African towers. According to MTN’s Chief Executive Officer, Ralph Mupita, bids have been received for the sale.
As reported by Bloomberg, part of the break-up currently going on in MTN Group includes the parting of both the fintech and fibre units, with the former going separately by March while the fibre unit will standalone in the next two years.
In its market exit drive, the focus of MTN Group is on the Middle East, with Syria, Afghanistan, Yemen while Ethiopia’s international operator license call is ignored.
MTN has already taken an unorthodox path in exiting Syria by abandoning its business over regulatory demands in the country.
However, MTN continues to suffer data subscriber loss in Nigeria with more than 600,000 wiped off its customer base, and 473,495 users in its telephony service last month.