The MTN Group has agreed to sell its towers businesses in Ghana and Uganda as the company looks to refocus on high-growth markets on the continent and in the Middle East.
Clashes with regulators in Nigeria and Uganda have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan recently.
MTN announced that it had agreed to sell its 49 percent holdings in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Coöperatief for $523 million.
The sale is expected to close in Q1 2020 leaving MTN with a profit of $425.74 million.
MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes.
“We remain focused on continuing to execute on the important strategic priorities of reducing debt, simplifying the portfolio and reducing risk,” the firm said in a statement.
The company has also announced redemption of its MTN Nigeria preference shares raising $315 million and has declared an aim to shed loss-making e-commerce assets and exit countries where it has no prospect of reaching the top-two spots in terms of market share.