MTN Group Ltd. could cash in from an initial public offering of Africa’s largest telecommunication towers company by selling a stake valued by the wireless carrier at about 27 billion rand ($2.3 billion), reports Bloomberg.

IHS Towers, of which Johannesburg-based MTN owns about 29 percent, is planning an IPO in New York, people familiar with the matter said last year. If the tower operator goes ahead with the share sale and the valuation is appropriate, MTN will look to sell out, Chief Financial Officer Ralph Mupita said in an interview.

“It is not strategic to lock up so much capital,” the CFO said. While MTN’s stake in IHS Towers is important, it’s been earmarked by the company as an asset for sale, he said.

IHS, Helios Towers Africa LLP and Eaton Towers Ltd. are all looking to take advantage of high industry valuations to sell shares and fund expansion, the people familiar with the situation said in November. Helios confirmed the plans earlier this month, saying it would seek an IPO in London and Johannesburg and expects at least 25 percent of its shares will be freely traded after the sale. IHS Towers declined to comment.

MTN, Africa’s largest mobile-phone company by sales, is planning to cut its debt, Mupita said. Borrowings rose to 57 billion rand ($4.8 billion) in 2017 from 52 billion rand the previous year. The shares rose 1.2 percent to 133.60 rand as of 3:30 p.m. in Johannesburg, valuing the company at 252 billion rand.