MTN eyes $65-million deal for Syrian business

  • 📰 TimesLIVE
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 59%

Nigeria News News

MTN Group remains committed to negotiating a $65 million sale of its 75% stake in its Syrian unit, the South African mobile operator said on Sunday, despite the business being placed under judicial guardianship last week.

TeleInvest had been lined up to buy MTN Group's 75% stake in MTN Syria for a previously undisclosed price.MTN Group remains committed to negotiating a $65 million sale of its 75% stake in its Syrian unit, the South African mobile operator said on Sunday, despite the business being placed under judicial guardianship last week.

MTN Syria was placed under guardianship by a court in Damascus over alleged MTN violations of the terms of its licensing contract, which the state says deprived the government of revenue.The appointed guardian, who is chairman of MTN Syria minority shareholder TeleInvest, will be responsible for managing day to day operations while the guardianship order remains in place. The court's statement did not indicate how long that might be.

TeleInvest had been lined up to buy MTN Group's 75% stake in MTN Syria for a previously undisclosed price. "MTN Group is still committed to executing on the agreed transaction with TeleInvest to dispose of its 75% shareholding and loans for a consideration of $65 million in total," a spokeswoman for the South African company told Reuters.The group's operations in the Middle East have been marred by allegations that it used bribes to win a 15-year operating licence in Iran and that it aided militant groups in Afghanistan.In the six months to June 2020, MTN Syria accounted for 0.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 28. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines