MTN prepares to sell stake in Jumia

MTN prepares to sell stake in Jumia

As part of its strategy to pay off its debts and expand into new markets, MTN Group plans to sell part or all of its $243m (R4.1bn) interest in Jumia Technologies

Previously, the group had  marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the people involved told Bloomberg.

It was gathered that no final decisions about the sale had been made, the people said, asking not to be identified because the plans were private.

MTN in December 2013,  invested in Jumia Group and became a 33.3 per cent stakeholder in the e-commerce company.

An additional $143m had since been invested in Jumia Group by the telecom company, increasing its stake to 41.4 per cent.