Telecom giant, MTN plans sale of $243m stake in Jumia.

[Melvin]

Telecommunication company, MTN group- as part of an effort to accummulate enough funds to pay off dept and secure future growth, MTN Group is developing a plan which involves a sales deal for all or part of reportedly $243 million stakes in Jumia Technologies AG.

Jumia is a well known eccommerce site popularly recognized as Africa's Amazon and in operation with 14 African countries including Nigeria and Ivory coast where it lacks distribution. The company's shares gained over 142% maintaining a bullish stands so far in 2020 , recuperating from its bearish stands back in 2019. Many reports state that the Telecom giant is taking advantage of the recent development by Jumia.
Also read: MTN Nigeria's Rob Shuter resigns as CEO of the board

 

[Melvin]

MTN Group plc. on the other hand also have a 29% stake in IHS Towers , which may be sold by the telecom company in the future, MTN generated a total of $812 million in asset sales that included the sales of tower holdings in Ghana and Uganda to America Towers Inc.
The company (MTN) is also making efforts to acquire a license to gain entry to Ethopia as it plans to include bidding for the permit.

Also read: https://www.nsmnews.com/threads/nigerian-stock-exchange-august-2020-list-of-dividends.1282/