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MTN Gains Most Since 2016 at Start of $1.1 Billion Sale Plan

  • Africa’s largest wireless carrier looking to cut debt load
  • Raises medium-term revenue target to double-digit percentage
Updated on

MTN Group Ltd. shares jumped the most in almost three years after Africa’s biggest wireless carrier started a 15 billion-rand ($1.1 billion) disposal plan to shore up the balance sheet.

The company agreed to sell its 53 percent stake in Botswana’s Mascom to Econet Global Ltd. for $300 million, the Johannesburg-based company said in a statement on Thursday. Other businesses now on the market include e-commerce services, which includes Nigerian online retailer Jumia Technologies AG. and MTN is also looking to sell its interest in IHS Towers Ltd., the company said.