MTN Group CEO Ralph Mupita announced yesterday that, as part of the group’s strategic realignment, MTN Irancell's initial public offering is in progress, and will be concluded by the end of next year.

Reporting on the group’s half year performance, Mupita provided an update on MTN's asset realisation programme, which was originally announced in March 2019 and seeks to simplify MTN's portfolio, reduce debt and risk, and increase returns.

Mupita said MTN is focused on the ongoing execution of its ARP and portfolio transformation initiatives.

He stated: "A process is currently underway for the initial public offering of MTN Irancell, which is anticipated to be completed by the end of 2024."

It was also revealed that MTN has received conditional approval from regulators to proceed with the transfer of MTN Afghanistan to an affiliate of M1, with the transaction expected to be finalised in the second half of this year.

MTN Group announced in November last year that it would transfer its Afghanistan business to M1 New Ventures of Lebanon for $35 million.

Mupita also said discussions regarding the possible orderly exit of MTN Guinea-Bissau, MTN Guinea-Conakry, and MTN Liberia are ongoing.

Turning to MTN's localisation initiatives, he stated that they are still active, with further sell-downs of MTN Nigeria, MTN Ghana, MTN Uganda, and MTN Cameroon, pending favourable market conditions.

Regarding MTN's stake in tower company IHS, Mupita said that the telecommunications company does not anticipate selling its stake in the near to medium term.

He said: "We are collaborating with IHS to address the governance concerns raised by MTN. We will continue to inform the market on the status of these engagements, as necessary."