South Africa’s Telecom giant, MTN Group has said it is selling off its 20% shareholding in Belgacom International Carrier Services SA (BICS) to Belgian state-controlled telecoms firm Proximus for 1.8 billion rands ($121.41 million).

MTN, according to Reuters report, 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.

Proximus also acquired Swisscom’s shares in the company of 22.4% of issued shares, all adding up to a total transaction value of €569 million, making Proximus the sole shareholder of BICS.

As a result of this acquisition, BICS will be able to accelerate its growth plans through a combination of organic investments in key domains, a strict focus on cash-flow generation within its core services, and capturing in-market consolidation opportunities.