Business
MTN finalizes sale of Afghanistan division to Beirut firm for $35 million
(Last Updated On: November 15, 2022)
MTN Group has finalized the sale of its Afghanistan business to Beirut-based M1 New Ventures for $35 million as Africa’s largest wireless carrier continues to reduce its presence outside the continent.
The South African-based company sold its Afghanistan operation to M1 Group, which is owned by Lebanon’s Mikati family.
MTN has been narrowing focus on its home continent since 2020, targeting high growth areas such as data sales and mobile-money.
The group abandoned its Syrian business and transferred its Yemen unit to a partner. MTN remains present in Iran.