MTN Group has finalized plans to sell its operations in Guinea Conakry.
The deal was concluded on December 30, 2024, and aligns with the company’s strategy to simplify its portfolio and earmark funds to countries where it has an advantage to impact, ensure long-term growth, and make returns.
According to reports, the telecom giant’s president and CEO, Ralph Mupita, said the move marks a new phase for MTN Guinea-Conakry under local ownership.
He thanked staff, customers, regulators, and other stakeholders in the country for their support during its operations.
BusinessDay reports that in May 2023, MTN disclosed that it was in talks with Axian Group to sell some of its West African markets, including MTN Guinea-Conakry, noting that the deal was not finished then.
MTN grapples with revenue challenges
In August, the company said that Telecel Group Mobile had acquired MTN Guinea Bissau.
The company has been grappling with revenue challenges in 2024, with service revenue dropping by 18.5% to 127.37 billion rand in the first nine months of last year.
The firm has been concentrating efforts and resources on core markets, including MTN Nigeria and MTN Ghana, its biggest markets in West Africa.
The telco operates in 19 African countries, leaving some Middle Eastern businesses in Afghanistan, Yemen, and Syria.
Source: legit.ng
