MTN Group has announced its plans to sell its 20% stake in Belgacom International Carrier Services SA (BICS) to Proximus NV/SA for approximately $122.4 Million (R1, 8 billion) which it will in turn deploy towards defraying its US dollar debt. BICS was classified as a non-current asset held for sale and this transaction has resulted in a remeasurement of its carrying value resulting in a reduction of R397 million for the year ended 31 December 2020. According to MTN, it will record a profit on disposal amounting to approximately R1,2 billion during the first half of 2021. The closing of the sale is dependent on customary regulatory approval.
In a separate development, MTN announced the launching of supersonic airfibre in South Africa. The product is said to overcome distance and a lack of infrastructure in urban, township and rural communities to bring fibre-quality connectivity to more households across the country. Supersonic AirFibre is expected to bring high-speed, inexpensive, and uncapped connectivity solutions to areas in which traditional fibre installations are not available. Built on unlicensed spectrum, the solution was designed, built and is maintained by MTN’s technology team to deliver a network quality that is in line with MTN’s standards, at affordable rates.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry