MTN has concluded an agreement to sell, and fully exit, its 20% shareholding in Belgacom International Carrier Services SA (BICS) to Proximus.
Once all the conditions precedent have been fulfilled, MTN will receive proceeds of approximately €100-million (R1,8-billion) in cash, which it intends to use to pay down US dollar debt and for general corporate purposes.
The sale represents progress in MTN’s stated asset realisation programme (ARP), which aims to reduce debt, simplify its portfolio, reduce risk, improve returns and unlock value.