MTN Group says it has stopped operations in Yemen in line with its Ambition 2025 strategy and its intention to exit the Middle East.
The company said in a statement, “Effective 17 November 2021, MTN Group transferred our 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.”
MTN Group President and Chief Executive Officer, Ralph Mupita, said, “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.
“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. 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.”
MTN noted that in August 2020 it announced plans to focus on its pan-African strategy and exit the Middle East over the medium term, thereby simplifying its portfolio and reducing risk. The company added that in the first half of 2021, MTN Yemen contributed 0.3 per cent to its EBITDA.
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Source: MTN Group exits Yemen – Punch Newspapers