South African telecoms major, MTN Group Ltd. has cancelled a plan to sell its 53 per cent stake in Mascom Wireless Botswana, which is supposed to net the company 300 million dollars.
This comes after Mascom failed to meet conditions relating to the transaction.
Africa’s telecom giant is reviewing its investments under a three-year plan that includes shedding loss-making e-commerce assets and leaving countries where there is no growth.
MTN’s Chief Financial Officer, Ralph Mupita said the company stake is not needed and no longer held for sale as it plan to focus on high-growth markets on the continent.
Last month,the company’s revenue increased by 9.6% supported by strong performances from Nigeria and Ghana operations.