African telecommunications giant, MTN Group Ltd. has revealed
plans to raise about 500 million dollars from the sale of shares in Nigeria
during the first half of 2018, reports ITRealms.
These shares, ITRealms
gathered will be sold to local institutions and individuals, though foreign investors
could be brought in to ensure the process is a success.
ITRealms also
reports that 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.
ITRealms further
reports that 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.
Chuks Egbune/GEE
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