MTN has concluded the sale transaction of 100% of MTN Cyprus to Monaco Telecom.
On 16 July 2018, the group announced that subsidiary MTN Dubai had entered into an agreement in terms of which it had sold 100% of MTN Cyprus to Monaco Telecom.
The sale was part of an ongoing portfolio review by MTN Group.
The group has now advised that this transaction has been concluded for R4,5-billion (€262-million), paid upfront in cash.
Proceeds from the sale will be used towards the settlement of US dollar-denominated debt.