Telecoms giant, MTN Group Ltd. has announced plans to raise 500 million dollars from the sale of shares in Nigeria during the first half of 2018.
According to MTN, most of the shares will be sold to local institutions and individuals, adding that foreign investors could be brought in to ensure the process is a success.
She said If the plan is 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.
MTN had 230.2 million subscribers in 22 countries across Africa and the Middle East as at end of September, with Nigeria, Iran, and South Africa as 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.
