MTN seeking to raise R3.7bn from sale of Nigeria shares


MTN Group plans to sell shares in the carrier’s Nigeria unit worth about 101 billion naira (R3.7 billion), continuing a plan to sell assets and pay down debt.

Africa’s largest mobile-phone operator will offer 575 million shares in MTN Nigeria Communications Plc, which listed in Lagos in 2019, according to a statement on Thursday. The move is part of a broader plan to sell about 14% of the parent company’s holding in its largest and most profitable unit, the Johannesburg-based group said.

The sale comes as MTN looks to finalise a sale-and-lease back of its South African telecom-mast portfolio and list shares in the Uganda operation in Kampala. The company also netted some proceeds from the initial public offering of towers firm IHS Holding in New York last month.

MTN said third-quarter service revenue gained by 19%, driven by data and fintech sales.