MTN Group is one step closer to exiting its business interests in the Middle East, announcing that it has received conditional approval from authorities in Kabul to sell its Afghanistan unit. The sale is expected to conclude by the end of 2023.
As the group reported interim earnings to June on Monday, it said the process to exit Afghanistan “in an orderly fashion” through the sale of MTN’s entire shareholding to Investcom, an affiliate company of Singaporean telecoms company M1, had advanced in the period. In the half year, the Afghan unit made R1.248bn in revenue and R368m in earnings before interest, tax, depreciation and amortisation for the group.
The first of the Middle East businesses the group exited was MTN Syriain August 2021. At the time, MTN said it had written off and abandoned the business after clashes with the government complicated its efforts to offload the unit.
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