The largest Telecom Company in Africa MTN Group Ltd. has appointed units of Citigroup Inc. and Standard Bank Group Ltd. as advisers on a
planned listing of the wireless company’s Nigeria business in the
country’s local stock exchange, this is however part of a deal struck with the West
African nation’s government to settle a record fine.
Africa’s biggest Telecom Company MTN is targeting a listing of the
Nigeria unit in 2017, “subject to suitable market conditions,” the
South African based company said in a statement released on Thursday
Stanbic IBTC
Capital, the Nigerian arm of Johannesburg-based Standard Bank, will be
the lead issuing house, while a full syndicate including Nigerian
parties will be appointed in due course.
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MTN also agreed to list the
unit in Nigeria, the company’s biggest market, as part of a deal to pay a
330 billion naira ($1 billion) fine in cash to the Nigerian government
for missing a deadline to disconnect unregistered subscribers. The
shares gained 0.2 percent to 144.28 rand as of 9:05 a.m. in
Johannesburg, still 24 percent lower than when the fine was levied in
October. Labels: global tech news, mtn
