MTN to exit Middle East to focus on Africa
MTN. Picture: BLOOMBERG/NADINE HUTTON
The company is looking to exit these markets in the next 3-5 years, and on Thursday, CEO Rob Shuter dismissed speculation that the Middle East exit had been forced in some way by the ongoing US court case against MTN Afghanistan. “The reality of these markets is that the combination of macroeconomic factors and the currency depreciation has meant that despite our progress in the markets, they are translating back as a very small contributor to the group. The operating environments are very complex across all of these regions with geopolitical uncertainty, with a lot of challenges around sanctions and regulatory matters,” said Shuter.
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