Home NEWS MTN denies Jumia stake sale, appoints new COO for Nigeria

MTN denies Jumia stake sale, appoints new COO for Nigeria

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Telecommunications giant MTN denied that it intends to sell shares in the African online store Jumia or is considering an IPO of business in the US (USA) as part of efforts to reduce debt.

The South African operator owns a 40% stake in Jumia.

Sources told Bloomberg that the company valued the retail transaction at $ 1 billion, while other investors in the company, including Germany-based Rocket Internet, were also open for the sale of shares.

Bloomberg said that MTN is also considering a private sale of Jumia shares to new investors.

However, the representative told the news agency that MTN "currently does not plan to dispose of its investments in Jumia in the short term."

Jumia operates in 14 African countries and expanded its services by including platforms for online hotel reservations and product delivery.

Despite the rejection of plans to unload the business in the short term, a successful listing could help MTN reduce its arrears, which at the end of June amounted to 69.8 billion Rand (4.8 billion US dollars).

Meanwhile, the telecommunications company announced the appointment of Mazen Mru as the new chief operating officer (COO), operating on Monday, August 6, 2018.

In its new role, Mazen will provide guidance and direction for the commercial and technical functions of MTN Nigeria.

Commenting on the changes, MTN Nigeria CEO Ferdi Mulman said: "Mazen brings a track record of achievements and a wealth of experience for the team taken from the telecommunications markets across Africa and the Middle East."

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