If you reside in Africa, I doubt you would be surprised if anyone told you that MTN was worth a bucket load of money. The South-African telecommunications company, which owns a majority market share in many countries, has always been seen as a mega-rich giant, but today, we have found out that their valuation may be far larger than we initially anticipated.
The impact of the COVID-19 virus on businesses has been well-documented over the past few months, with many companies suffering record losses and even being forced to shut down. On the other hand, due to lockdown regulations all across the continent, telcos like MTN enjoyed a massive boost in subscriber and sales counts.
According to financial company Brand Finance, as at July 2020, the MTN Group is worth a staggering $3.3-Billion, making it the most valuable company in Africa. Aside from this gargantuan financial muscle, MTN also employs an impressive 19,000 people currently, helping to keep people employed in what has been a difficult year for many people around the continent.
What do you think of MTN’s huge valuation? Is it more than you expected or did you expect it to be worth more? Let us know what you think down in the comments section below.