You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

MTN to sell its stake in BICS to Belgium’s Proximus

MTN said it intends to use the proceeds to pay down US dollar debt and for general corporate purposes.
Image: Waldo Swiegers/Bloomberg

South Africa’s MTN Group said on Tuesday it will sell its 20% shareholding in Belgacom International Carrier Services SA (BICS) to Belgian state-controlled telecoms firm Proximus for R1.8 billion ($121.41 million).

MTN is in the midst of a R25 billion divestment plan aimed at reducing debt, simplifying its portfolio and improving returns over the next three to five years.

Proximus is the majority owner of BICS, whose equipment handles global calls, text and internet traffic across the world. Another minority owner, Swisscom is also selling its 22.4% stake in BICS to Proximus it said on Tuesday.

MTN said it intends to use the proceeds to pay down US dollar debt and for general corporate purposes. At September 30, group net debt was R60.6 billion.

MTN will record a profit on the disposal of around R1.2 billion during the first half of 2021, it added.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us: