MTN Group plans to raise more than 15 billion rand ($1.05 billion) in asset sales over the next three years, Africa’s biggest telecoms group said on Thursday after reporting a massive jump in 2018 profit.

MTN, whose shares surged more than 7 percent on the announcement, is reviewing its operations in some markets and its investments in e-commerce platforms, as part of a plan to focus on high-growth markets in the Middle East and Africa.

As part of the review, the South African company has agreed to sell its minority stake in Botswana’s Mascom for $300 million. It sold its sole European unit in Cyprus last year.

MTN said its investments in tower companies and e-commerce platforms, such as African online retailer Jumia, were valued at 40 billion rand and would be sold as they were not long-term strategic assets.

“The group has committed to the portfolio review realizing more than 15 billion rand over the next three years, excluding any proceeds from its 23 billion rand position in IHS,” the company said. IHS is a builder of cell phone towers.

Shares in MTN jumped 7.2 percent to 81.70 rand by 0731 GMT, outperforming a 0.5 percent rise on the benchmark JSE Top-40 index. (Reuters)

• A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016. REUTERS/Siphiwe Sibeko

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