MTN Plans $500 Million Nigeria Share Sale -Bloomberg

02/08/18 10:46 AM EST

--MTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, Bloomberg reports, citing unnamed sources.

--Standard Bank Group and Citigroup have been advising Africa's largest mobile-telecoms company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange, Bloomberg says. 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, Bloomberg adds.

--MTN agreed to list the Nigerian unit as part of a June 2016 agreement to pay a $1 billion fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown, according to Bloomberg.


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(END) Dow Jones Newswires

February 08, 2018 10:46 ET (15:46 GMT)

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