MTN Nigeria targets $1 billion in Nigerian Stock Exchange IPO



MTN Group Ltd., Africa’s biggest wireless operator by sales, and minority shareholders in its Nigerian business are seeking to raise about $1 billion in an initial public offering, a condition tied to the settlement of a record fine imposed by the West African government, people familiar with the plan said.

Minority shareholders may sell down their holdings or exit entirely, while MTN may offer a small portion of its stake in the business, one of the people said, declining to be identified because the details are private.

The Johannesburg-based company is still fine-tuning any offer and no final decision has been made on the amount, the people said. MTN declined to comment.


Source: Reuters

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