Johannesburg headquartered African telecommunication giant has announced that it has now sold it stake of 18.9% stake in Africans home grown ecommerce business Jumia in a press release. According to the statement, MTN raked US$ 141m net proceeds from the transaction.
MTN made the move in August this year with the New York Stock Exchange to start the process for a secondary sale of Jumia shares as part of a US$1.5 billion divestment plan aimed at simplifying its portfolio over the next three to five years.
“The group has now fully exited its 18.9% investment in Jumia,” MTN said in a statement.
“We are proud to have been a partner in the evolution of one of Africa’s pioneering online marketplace businesses and will continue our relationship with Jumia through ongoing operational partnerships in some markets,” it continued.