MTN announces plans to exit Middle East and focus solely on Africa

MTN announces plans to exit Middle East and focus solely on Africa

- The MTN Group would suspend activities in the Middle East and fully focus on Africa, a new report suggests

- The company cited a number of reasons as grounds for its decision

- The reasons are loss of money on falling regional currencies, volatile geopolitics and challenges with Western sanctions

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

Information available to Briefly.co.za shows that mobile telecommunications company, MTN, has revealed its intent to suspend operations in the Middle East.

The company is set to concentrate its plans on Africa as part of a strategy to simplify its portfolio and leave the Middle East in an organised manner.

Briefly.co.za understands that the company intends to scrap interim dividend under a blueprint in a bid to determine a strategy to combat the coronavirus.

READ ALSO: Siya Kolisi celebrates Women's Day with throwback pic of late mom

The outbreak of the pandemic has negatively affected the activities of the company and led to unexpected macroeconomic challenges.

Despite difficulties in trading, the Chief Executive Officer (CEO), Rob Shuter, indicated that there have been great performances from Ghana, Nigeria and South Africa.

Per a myjoyonline.com report, MTN has operations in Sudan, Syria and Yemen, as well as Iran and Afghanistan in its Middle East file.

The company intends to sell 75% of its stake in MTN Syria and discussions have reached an advanced stage.

According to Shuter, the company is closing down operations in the region due to loss of money on falling regional currencies, volatile geopolitics and challenges with Western sanctions.

MTN announces plans to exit Middle East and focus on Africa

Selorm Adadevoh, CEO of MTN Ghana Source: MTN Ghana
Source: UGC

It was alleged that the company entered into the region with the help of bribes to win a 15-year operating license in license as well as aiding militant groups in Afghanistan.

In other news, the government is expected to review the regulations of SA's Covid-19 lockdown with the NCCC to meet on Tuesday.

The country may be set for a relaxation with experts indicating that many provinces, including the Western Cape, Gauteng and the Eastern Cape, already having passed peak infections.

The Sunday Times reports that Mzansi can expect another 'family meeting' with President Cyril Ramaphosa with the current state of disaster set to expire on Saturday.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Online view pixel