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MTN confirms exit from Yemen

JOHANNESBURG – THE MTN Group has confirmed exiting its operations in Yemen.

It has transferred its effective shareholding to Emerald International Investment, a subsidiary of Zubair Investment Centre.

Zubair is an affiliate of Zubair Corporation, which is the minority shareholder in MTN Yemen.

The exit was effective November 17 (Wednesday).

With the move, MTN is focussed on its Pan-African strategy, simplify its portfolio and reduce risk.

MTN Yemen had 4,7 million subscribers at the end of the third quarter of 2021.

MTN Yemen operates on a 2G licence, which is due for renewal on December 31.

The MTN Group fully impaired the consolidated net assets of its Yemen operation as at June 30, 2021.

The operator said no further material impact was therefore expected on earnings as a result of the exit from the Asian market.

– CAJ News

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