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.