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MTN To Raise $500m From IPO In Nigeria

MTN

Struggling telecommunications giant, MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year.

Industry source told TheHeat Nigeria that the plan is in fulfilling the terms of a deal struck with the Nigeria to settle a record fine over breach of telecoms guidelines.

The group reportedly discussed the planned listing in Lagos and its business plan at a board meeting on Wednesday.

Rob Shuter

Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but it delayed it due to market conditions.

Read Also:MTN earnings hit by Nigeria, SA forex woes

Last week, Securities and Exchange Commission (SEC) said it has not received any document from MTN indicating an interest to list on the Nigerian Stock Exchange (NSE)

MTN Group in South Africa had late last year however reiterated its commitment to list its Nigerian subsidiary on the Nigerian Stock Exchange in the next six months.

This was as part of the settlement of the $1 billion fine imposed on it in 2015 by the Nigerian Communications Commission (NCC) over the failure by the telecoms

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