MTN Group says it is looking to reduce its majority shareholding in its Nigerian subsidiary by 14%.

Bloomberg reports that the company hopes to raise $4 billion from the sale of some of its assets.

MTN Group said it has raised 14 billion rand since it started offloading ‘non-essential’ businesses in March and it is ready to step up the process.

Selling 14% of its Nigerian business would reduce the group’s stake to 65%.

A spokesperson for the company also said it is «seriously investigating» the prospect of taking part in the planned privatization of Ethiopia’s phone monopoly.

Since the asset sale programme began in 2019, the company has sold minority stake in two tower joint ventures, Travelstart, its booking website, and redeemed preference shares in Nigeria.