MTN Group progresses with the simplification of its portfolio with exit from Yemen
18 November 2021
MTN Group today announces the Group’s exit from our operation in Yemen in a transaction that furthers the delivery of our Ambition 2025 strategy and is in line with our intention – first announced in August 2020 – to exit the Middle East.
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.
“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,” said MTN Group President and Chief Executive Officer Ralph Mupita.
“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.”
In August 2020, MTN Group announced plans to focus on our pan-African strategy and exit the Middle East over the medium term, thereby simplifying our portfolio and reducing risk. In the first half of 2021, MTN Yemen contributed 0.3% to MTN Group EBITDA. MTN Group held 82.8% of the shares in MTN Yemen, whose operating licence for its 2G network is due for renewal at the end of 2021.
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