MTN’s earnings jump, gets offer for Afghanistan business

JOHANNESBURG: African mobile operator MTN Group said on Thursday its first-half earnings surged 46.5% and it had received a $35 million binding offer for its Afghanistan business, nearing an exit of the Middle East.

Without disclosing the buyer, Group Chief Executive Officer Ralph Mupita told journalists on a news call the gross sum of $35 million would be paid over a period of time, and proceeds would be $31 million.

He added the completion of the deal would conclude MTN’s exit from Middle Eastern markets, after selling MTN Yemen and abandoning MTN Syria last year. Its 49% financial investment in Irancell will continue to be managed within the MTN portfolio.