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MTN Reportedly Sells Off Stakes in Jumia 


TechInAfrica – SA-based MTN has sold its stake in one of Africa’s largest e-commerce firm Jumia on October 30.

“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,” MTN said in a statement.

The company states a net proceed of $142.31m emitted from the sale. This move had started in August 2020, where MTN announced its plan to sell its 18.9% stake in Jumia and HIS tower, although not finalized yet at the time.

Jumia is expected to announce its earnings for Q3 2020 on November 10, 2020.



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