MTN Fully Exits Jumia
The MTN Group announced that it has successfully exited Jumia, selling its remaining 18.9 percent stake and raising $138 million from the deal: “The MTN Group has now fully exited its 18.9 percent investment in Jumia Technologies AG (Jumia), realizing a total consideration of approximately R2.3 billion (US$138 million).
“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,” the statement said.
MTN certainly did better than German's Rocket Internet, an original Jumia backer, which exited when Jumia was sub-$5 per share unit. Over the last few days, Jumia has averaged close to $14. It remains an investment you can NOT do, go home and sleep in the night. The gyration is legendary; it moves north and south, and all over the place! Someone needs to command JMIA to stabilize.
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