MTN To Raise $500m From Nigerian Shares Sale In 2018
Telecoms giant, MTN Group Ltd. has announced plans to raise about 500 million dollars from the sale of shares in Nigeria during the first half of 2018.
Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success.
If successful, the Lagos share sale will be the biggest on the Nigerian Stock Exchange after Starcomms Plc, which raised $796 million when it listed in 2008, according to data compiled by Bloomberg.
MTN had 230.2 million subscribers in 22 countries across Africa and the Middle East as of the end of September, with Nigeria, Iran and South Africa its three biggest markets.
The company has also agreed to sell shares in Ghana as one of the conditions of a deal to gain spectrum rights, while Vodacom Group Ltd., South Africa’s market leader, was ordered to list 25 percent of its Tanzanian business last year, raising $213 million.