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MTN to focus on pan-African strategy as it exits the Middle East

Focus on Africa

Africa’s largest mobile operator, and South African telecom giant MTN, announced Thursday it would pull out of the Middle East the medium term to concentrate on its pan-African strategy resolving to simplify its portfolio and exit its Middle Eastern assets in an orderly fashion.
The group will scrap its interim dividend under a blueprint to navigate the coronavirus pandemic – which posed an unprecedented socio and macroeconomic challenge rendering trading conditions difficult.

Out of the Middle East

Among reasons for divesting from the region, he cited losing money on falling regional currencies, the Middle East’s volatile geopolitics, and problems with Western sanctions, though he did not mention Iran specifically.U.S. sanctions have made it harder to repatriate cash from its Iran joint venture.

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