MTN raises R2.3bn from sale of Jumia stake

South Africa’s MTN said on Friday it had now exited its 18.9% stake in the continent’s online retailer Jumia, realising R2.3 billion ($142.31 million) in net proceeds.

MTN said in August it had filed with the New York Stock Exchange to prepare for a secondary sale of shares in Jumia as part of a R25 billion divestment plan aimed at simplifying its portfolio over the next three to five years.