Reuters reports that MTN Group has abandoned plans to sell its 53% stake in Mascom Wireless Botswana, which was supposed to net the company USD300 million. In its quarterly update Africa’s largest mobile operator by subscribers said that ‘certain conditions’ related to the transaction had not been met, which led to the company’s decision. On a journalists’ call, CFO Ralph Mupita said that the bid for MTN’s stake in the Botswanan business – previously reportedly to be from Econet Wireless – had been unsolicited, and it was for now no longer being held for sale. ‘In the longer term, if somebody came with a very attractive offer for the business, we’ll apply our minds then,’ he said.
MTN Group is reviewing a raft of investments under a three-year plan that includes shedding loss-making e-commerce assets and exiting countries where it has no prospect of reaching the top-two spots in terms of market share.