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MTN Could Sell Investments In Jumia

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Rob Shooter, Chief executive Officer of MTN, says the company is looking to trim its assets, in order to focus on core telecoms services.

“What we really want to say to the investment community is that we’ve got a company with very good growth prospects and a very specific plan to simplify and modernise the group,” Shuter told Reuters.

In a conference call with reporters in South Africa Wednesday, Shooter said the firm had already raised $140 million from the sale of several assets in the first six months of 2019.

“So we’re well on track for our 15 billion rand (target) over three years,” Shuter informed reporters in a post-earnings conference Wednesday.

In a press statement, the company said it had sold its shareholder loan in ATC Ghana to American Tower Corporation for 900 million rand, its interests in investment fund Amadeus as well as associated holding in Travelstart for 1.2 billion rand between January and June 2019.

Reuters reports that although Shooter did not mention the assets it intends to sell, analysts believe his statement that the company will look to ‘refocus’ its attention on ‘high-growth markets on the continent and in the Middle East,’ suggests minor businesses in Liberia, Guinea, Guinea-Bissau, and worn-torn Syria, South Sudan as well as Yemen might be cut.

The company said investments in tower companies and e-commerce platforms like Jumia were valued at 40 billion rand and would be sold over time because they were not long-term strategic assets.

Shuter is also said to be driving the company into mobile financial services, music streaming, and mobile gaming, as he is hoping a growing young tech-savvy population will offset falling prices for basic telecoms services.

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NSE crucial market indicators end Friday with 0.03 per cent growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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NSE crucial market indicators end with 0.03% growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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Border closure: Nigerian govt takes new action

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The Federal Government on Tuesday, inaugurated the executive officers of the National Fish Association of Nigeria (NFAN), to boost fish availability in view of the border closure.

Mr Edet Akpan, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, said the development was to encourage farmers and other stakeholders in its diversification programme.

“I am sure the national production of fish will not only increase, the quality and export value will also increase”, NAN quoted him as saying.

Akpan said the ministry had always being on the ground to support commodity associations and would not deviate from the norm.

“We also introduce them to different organisations like the Bank of Industry, and then SMEDAN is also helping them in many ways through education and organising them in such a way that they have become very formidable,” he said.

The President of NFAN, Dr Gabriel Ogunsanya, said following the inauguration, more than over five million members of the body were ready to storm the markets with different species of fish to meet both local and international demands.

On border closure, the president said it was a laudable development, saying the association was not resting on its oars in taking advantage of the closure to boost production.

“We will not allow illegal fishing. Some countries come to our coast to steal our fish. We will do all within our powers, work with law enforcement agencies to avoid illegal fishing”, he added.

A member of the Board of Trustees and former lawmaker, Sen. Maina Lawan, pointed out that there were several prospects in the fish subsector that would help improve Nigeria’s revenue generation.

“I know that the border closure is biting hard on many aspects of our daily lives, but there are also higher patriotic callings if you look at the overall price we are made to pay”, said Lawan, a former Borno governor.

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