The company agreed to sell its 53% stake in Botswana's Mascom to Econet Wireless Zimbabwe Ltd. for $300m, 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 Travelstart.co.za. MTN is also looking to sell its interest in IHS Towers Ltd., the company said.
The news comes a year after Chief Executive Officer Rob Shuter announced a review of MTN's then-22 markets across the Middle East and Africa to evaluate ways of simplifying the business. The sale of MTN's Botswana interest follows a disposal of its Cyprus unit for €260m ($294m).
"We are simplifying the group, we are reducing risk, and improving returns," Shuter said in a phone interview. "That will generate some returns that will be helpful for our gearing and other priorities."
The shares gained as much as 7.5%, the most since Dec. 27, and traded 7% higher at R81.41 as of 9:21am in Johannesburg. The stock has slumped by a third in the last 12 months, valuing the carrier at R153bn.