MTN exits Yemen
MTN has announced an exit from its operation in Yemen.
According to the network operator, the transaction is in line with its intention to exit the Middle East, as first announced in August 2020.
Effective 17 November 2021, MTN Group transferred its majority shareholding in MTN Yemen to Emerald International Investment LCC.
Emerald is a subsidiary of Zubair Investment Center LLC, an affiliate of Zubair Corporation LLC, which is the minority shareholder in MTN Yemen.
“The decision to exit Yemen was driven by a need to simplify the portfolio and focus our limited resources on executing a pan-African strategy,” said MTN Group CEO Ralph Mupita.
“We would like to thank the 719 employees of MTN Yemen for their commitment over the years, and the 4.7 million subscribers of MTN Yemen for their custom and trust in the brand,” Mupita stated
“We wish Emerald well in the next phase of development of this business as they work with the team that served MTN well over the years.”
In the first half of 2021, MTN Yemen contributed 0.3% to MTN Group EBITDA.
MTN Group held 82.8% of the shares in MTN Yemen, whose operating licence for its 2G network is due for renewal at the end of 2021.
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