17. NON-CURRENT ASSETS HELD FOR SALE
17.1 MTN SA Tower sale
MTN SA entered into an agreement with IHS Group to sell its tower infrastructure (comprising approximately 5 700 tower sites) and power assets; cede related agreements including land lease agreements (on which the towers are constructed) to IHS Group; and lease back space on the towers which it would sell. The related conditions precedent were fulfilled and the transactions became effective on 30 May 2022.
The remaining land leases transferred to IHS Group will be derecognised as they are legally ceded to IHS Group and the related gain or loss on derecognition will be accounted for as part of the overall gain or loss on disposal group.
The remaining land leases are presented as held for sale:
| mtn sa tower sale | 30 June 2024 Rm |
30 June 2023 Rm |
31 December 2023 Rm |
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| Right-of-use assets | 621 | 1 028 | 780 | ||||||||||||||||
| Lease liabilities | (595) | (1 097) | (797) | ||||||||||||||||
| Net carrying amount of assets held for sale | 26 | (69) | (17) | ||||||||||||||||
17.2 MTN Guinea-Bissau and MTN Guinea-Conakry
On 26 October 2023, the Group received a binding offer for the sale of both MTN Guinea-Bissau and MTN Guinea-Conakry for a consideration of US$1 for each of the companies. MTN Group and Telecel Group (Telecel) have subsequently signed a sale and purchase agreement on 15 December 2023, which is subject to conditions precedent. Accordingly, the assets and liabilities of both MTN Guinea-Bissau and MTN Guinea‑Conakry have been presented as held for sale. As a result of the net liability positions for MTN Guinea-Bissau and MTN Guinea-Conakry on classification as held for sale, there was no further impairment on measuring at the lower of carrying amount and fair value less costs to sell.
MTN Guinea-Bissau and MTN Guinea‑Conakry are presented as part of the WECA cluster in the segment information (note 7). On disposal of MTN Guinea-Bissau and MTN Guinea-Conakry, accumulated foreign currency translation reserve (FCTR) gains and losses will be reclassified to profit and loss. As at 30 June 2024, MTN Guinea-Bissau’s accumulated FCTR gain was R284 million and MTN Guinea-Conakry’s accumulated FCTR loss was R1 662 million.
The carrying amounts of assets and liabilities that have been reclassified to non-current assets held for sale as were:
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| Property, plant and equipment | 268 | 552 | ||
| Right-of-use assets | 1 | 62 | ||
| Intangible assets | 7 | 969 | ||
| Other non-current assets | 152 | 56 | ||
| Trade receivables and other current assets | 286 | 1 529 | ||
| Cash and cash equivalents | 24 | 12 | ||
| Total assets | 738 | 3 180 | ||
| Current liabilities | 619 | 4 011 | ||
| Lease liabilities | 196 | 18 | ||
| Other non-current liabilities | 3 | 619 | ||
| Total liabilities | 818 | 4 648 | ||
| Net carrying amount of assets held for sale | (80) | (1 468) | ||
The Group concluded the sale of MTN Guinea-Bissau on 1 August 2024.