MTN Group has perfected plans to exit the Guinea market in line with its strategy to simplify its business operations and invest in markets with significant impact and long-term growth.
According to Ralph Mupita, President and Chief Executive Officer, MTN Group has concluded a deal to sell its assets in Guinea to the State of Guinea.
The deal was reached on December 30, 2024.
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.”
It should be recalled that in May 2023, the telecom giant revealed it was in advanced talks with the Axian Group to sell some of its West African markets, including MTN Guinea-Conakry. The corporation, however, noted that the deal hadn’t been finalized at the time.
In August, MTN Group also revealed that Telecel Group Mobile had bought MTN Guinea Bissau (Spacetel).
MTN Group posted an 18.5 percent decline in service revenue to 127.37 billion rands in the first nine months of 2024. Therefore, to better mitigate risk, the company has been reducing its exposure and focusing on core markets like Nigeria and Ghana.
MTN operates in 19 countries on the continent and has already exited certain Middle Eastern businesses, such as Afghanistan, Yemen, and Syria.
