MTN prepares to sell stake in Jumia
MTN Group plans to sell part or all of its $243m (R4.1bn) interest in Jumia Technologies as part of its strategy to pay off its debts and expand into new markets.
The group, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the people involved told Bloomberg.
It was gathered that no final decisions about the sale had been made, the people said, asking not to be identified because the plans were private.
In December 2013, MTN invested in Jumia Group and became a 33.3 per cent stakeholder in the e-commerce company.
The telecom company had since invested an additional $143m in Jumia Group, increasing its stake to 41.4 per cent.
SOURCE: PUNCH NEWS