MTN Group has sold its subsidiary in the Republic of Guinea to the government.
The South-African owned telecommunications company in a statement released on Thursday, noted that the sale was concluded on December 30, 2024.
MTN said the transaction aligns with its focus on portfolio optimisation and simplification, as part of the ‘Ambition 2025’ strategy.
According to Ralph Mupita, MTN Group president and chief executive officer (CEO); the development marked its final exit from the Republic of Guinea.
He said, “This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and MTN thanks the staff, customers, regulators and broader stakeholders in Guinea for the support during the time MTN has been operational in the country.”
“Concluding this transaction is in line with the strategy to simplify the portfolio and allocate capital to markets where we can make a difference as MTN and deliver long-term growth and returns.”
Speaking on the group’s rationale for disposing of operations in Guinea-Conakry and Guinea-Bissau, Mupita had in August 2024 said MTN evaluates each market’s ability to fund its growth sustainably.
He added that the moment a business cannot sustainably fund its growth for whatever reason, the telco has to assess the portfolio.
