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MTN Group Limited has concluded the sale of its operations in Guinea (also known as MTN Guinea-Conakry) to the State of Guinea.
The deal was concluded on 30 December 2024 and aligns with the telco’s strategy to simplify its portfolio and allocate capital to markets where it can make a meaningful impact, ensure long-term growth, and returns.
Ralph Mupita, MTN Group president and chief executive officer, 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.”
In May 2023, MTN revealed that it was in advanced talks with the Axian Group regarding selling some of its West African markets, including MTN Guinea-Conakry. It noted that the deal wasn’t finalised at the time.
In August, the telco revealed that Telecel Group Mobile had bought MTN Guinea Bissau (Spacetel). MTN Group has been grappling with revenue shortfalls in 2024, with service revenue declining by 18.5 percent to 127.37 billion rands in the first nine months of 2024.
The telco has been narrowing its focus and resources on core markets, including MTN Nigeria and MTN Ghana, its biggest West African assets. MTN operates in 19 countries on the continent and has already exited certain Middle Eastern businesses such as Afghanistan, Yemen and Syria. (BusinessDay: Text, Excluding Headline)
