MTN Sells Off Shares In Jumia At $142million

South African telecommunications company, MTN Group has sold off its shares in African eCommerce firm, Jumia.

MTN sold the shares at a price of $142.31 million dollars.

The telecommunications company said that as part of a divestment plan targeted at simplifying its portfolio over the next three to five years, it filed with the New York Stock Exchange to prepare for a secondary sale of Jumia shares in August.

In a statement, MTN said, “The group has now fully exited its 18.9% investment in Jumia.”

“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,” the statement added.

MTN did not disclose exactly what the funds would be used for, but said its divestment aims include paying down debt.