Did you know that last week MTN announced that it sold MTN Cyprus to Monaco Telecom for a little over $305 million? If you know anything about MTN’s history, then you should be surprised by that move.
MTN has been on an aggressive expansion plan, and strategically expanded into markets that were often overlooked. That is why the telecom is currently the biggest mobile network across Africa. The MTN Cyprus, was the telecom first attempt into the European market, but it would seem, on that one it chew more than it can swallow. The telecom’s biggest footprint are in Africa and the Middle East.
In recent years, the company’s branches across various countries has been mired by scandals and losses. So much so, that after the sale of the MTN Cyprus, it is now considering pulling out of some countries in West Africa. In its 24 years run, MTN has never pulled out of any market, Cyprus being the first one.
That move has led to speculations that the West African market is also up for review. Rob Shuter, the MTN CEO, is said to be currently reviewing …read more