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MTN GROUP LIMITED - MTN completes the sale of ATC joint ventures for R8,9 billion

Release Date: 19/03/2020 15:09
Code(s): MTN     PDF:  
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MTN completes the sale of ATC joint ventures for R8,9 billion

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(“MTN” or “the Company” or “the Group”)

MTN completes the sale of ATC joint ventures for R8,9 billion


Our asset realisation programme (“ARP”), introduced in March 2019, aims to reduce debt, simplify our
portfolio, reduce risk and improve returns.

Subsequent to MTN Group’s announcement on 11 March 2020 reporting its 2019 annual results and the
conclusion of the disposal of its stake in ATC Uganda for R2,2 billion, MTN confirms that regulatory
approvals have now been received for the disposal of its stake in ATC Ghana. MTN is due to receive further
transaction proceeds of approximately $384 million (R6,7 billion, based on an exchange rate of R17,4:$1)
in the next week. This takes the total proceeds received for the disposal of both ATC Uganda and ATC
Ghana to R8,9 billion, which will be applied to paying down US-dollar debt and general corporate
purposes.

On completion, the Group will have realised R15.0 billion within the first 12 months of its initial three-
year ARP. Consequently, MTN has enhanced its ARP guidance framework to a target of at least R25 billion
in further asset realisations over the medium-term (3-5 years), and a holding company leverage target
ratio of below 2,0 times.

MTN has strengthened its operational and financial position is well-placed to weather the prevailing
turbulent macroeconomic environment. The Group remains focused on its strategic execution and
committed to its clearly-defined and disciplined capital allocation framework.

MTN declared a final dividend of 355 cents per share on 11 March 2020, bringing the total dividend to
550 cents per share for the 2019 financial year.

Salient dates relating to the payment of the final dividend are as follows:

Last day to trade cum dividend on the JSE                   Tuesday, 31 March 2020

First trading day ex dividend on the JSE                    Wednesday, 1 April 2020

Record date                                                 Friday, 3 April 2020

Payment date                                                Monday, 6 April 2020


Fairland
19 March 2020


Lead sponsor
Tamela Holdings Proprietary Limited

Joint sponsor
JP Morgan Equities South Africa Proprietary Limited

Date: 19-03-2020 03:09:00
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