Business

MTN raises $142m from Jumia divestment

MTN MTN said on Friday it had now exited its 18.9 per cent stake in the continent’s online retailer Jumia making $142.31 million in net proceeds.

 

MTN said in August it had filed with the New York Stock Exchange to prepare for a secondary sale of Jumia shares as part of a 25 billion rand divestment plan aimed at simplifying its portfolio over the next three to five years.

 

“The group has now fully exited its 18.9 per cent 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. E-commerce unicorn Jumia became Africa’s first tech firm to list in New York in 2019, when its shares soared to give the company a market valuation of nearly $2 billion.

 

But it has so far failed to make a profit, and its shares have since fallen by two thirds, also partly driven by a short-seller casting doubt on its sales figures. MTN did not specify what the funds would be used for, but its divestment aims include paying down debt.

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