MTN Group Ltd., Africa’s largest mobile operator, is reportedly in advanced talks to sell some of its assets to Axian Group Ltd. According to sources familiar with the matter, negotiations on the prices of MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry are ongoing. MTN is one of the most valuable companies in Africa, with a significant presence in 19 countries in the region. The company’s mobile phone services have become an essential part of everyday life for millions of people, and it has consistently been a top performer in the annual ranking of Africa’s top 250 listed companies by African Business. However, the combined market capitalisation of the top 250 companies has fallen from $701 billion to $561 billion since last year’s survey, impacting MTN’s overall value. The decline in the market value of companies across the continent is primarily attributed to the COVID-19 pandemic, which has disrupted supply chains, reduced demand, and slowed economic growth.
SOURCE: BUSINESS INSIDER
