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MTN to dispose of Afghan business for R637m

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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 2022.

“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 that 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.

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