An Omani investment company issues the first statement regarding MTN Yemen (document)

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Today, Monday, an Omani investment company issued the first statement regarding MTN Yemen, days after it announced its withdrawal from Yemen.

The Omani Emerald International Investment Company announced, in a statement seen by Al-Mashhad Al-Yemeni, its acquisition of 97.8% of the shares of MTN in Yemen.

In her statement, she indicated that she will have a new brand, which will be launched in the coming days.

It assured all its subscribers of the continuity of its services without interruption, and that the procedures for withdrawing South African MTN went smoothly, and it will not have any financial or negative impact on the company’s services.

This comes days after the South African international group announced its withdrawal from Yemen, which has been torn by war for years, in implementation of a strategy it announced last year to leave the Middle East and focus on its core operations on the continent.

M said. T. N.N., it will transfer its stake to a unit of Zubair Corporation, which holds a minority stake in MTN’s unit in Yemen, Reuters reported.

She added that it is not expected that there will be any other material impact on profits as a result of the company’s exit, as it has completely disposed of Yemeni assets by July 30.

The company announced last year its strategy to withdraw from the Middle East to focus on the African continent as part of its efforts to simplify its structure and reduce its exposure to more risky markets.

The focus on Africa also came due to intense competition from Vodacom, the African unit of British giant Vodafone (LON: VOD), which is forging partnerships to expand on the continent and enters the field of financial services.

“The decision to exit Yemen came as a result of the need to streamline our equity portfolio and focus our limited resources on implementing an African strategy,” said Ralph Mobeta, CEO of MTN Group.

The company exited in Syria in August, saying that working there had become “unlikely”.



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