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MTN exits tower business in Uganda, Ghana

Kampala, Uganda | THE INDEPENDENT | Africa’s largest telecom firm, MTN, has agreed to sell its towers businesses in Uganda and Ghana as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.

Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this year, according to Reuter’s news agency.

MTN said it had agreed to sell its 49% holdings in Uganda Tower Interco B.V and Ghana Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A. for $523 million. The sale is expected to close in this first quarter of 2020 leaving MTN with a profit of 6 billion rand ($425.74 million).

The company also said it had finalized the redemption of MTN Nigeria preference shares, raising $315 million. MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes.

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