African telecommunications giant MTN Group has transferred ownership of its subsidiary in the Republic of Guinea to the government. In a press release issued on Thursday, the telecommunications firm announced that the agreement was finalised on December 30, 2024.
MTN stated that this move supports its objectives for portfolio optimization and simplification as part of its ‘Ambition 2025’ plan.
Ralph Mupita, president and CEO of MTN Group, remarked that the transaction signifies the company’s complete withdrawal from the market.
“This achievement signifies a new chapter for MTN Guinea-Conakry under local leadership, and we express our gratitude to the staff, customers, regulators, and other stakeholders in Guinea for their support throughout our operations in the country,” Mupita noted.
“Completing this transaction aligns with our strategy to streamline our portfolio and invest in markets where we can create significant impact as MTN, driving long-term growth and returns.”
In August 2024, Mupita detailed the group’s reasoning for divesting its operations in Guinea-Conakry and Guinea-Bissau, mentioning that MTN continuously assesses each market’s capability to sustainably fund its growth.
The CEO stated that if a business can no longer sustain its growth for any reason, the telco must reevaluate its portfolio.
