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South Africa's MTN to sell its stake in BICS to Belgium's Proximus

A worker attends to a customer at an MTN shop at a mall in Johannesburg, South Africa, March 2, 2017. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG (Reuters) - South Africa’s MTN Group said on Tuesday it will sell its 20% shareholding in Belgacom International Carrier Services SA (BICS) to Belgian state-controlled telecoms firm Proximus for 1.8 billion rand ($121.41 million).

MTN is in the midst of a 25 billion rand divestment plan aimed at reducing debt, simplifying its portfolio and improving returns over the next three to five years.

($1 = 14.8257 rand)

Reporting by Nqobile Dludla

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