- Post by Admin on sunday, March 05, 2015
MTN Group plans to list its Nigerian unit worth $5.23 billion by July in a debut Initial Public Offer on the Nigeria Stock Exchange and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters.
MTN aims to raise at least $400 million from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said.
Nigeria’s biggest telecoms operator plans to go on roadshow between May and June 2018, according to the presentation and list on Nigeria’s bourse between June and July. It will now need to appoint professional parties to the offer. MTN Nigeria has around 402 million shares in issue, the same amount in preference shares, which it sold at $0.99 in 2007.
Photo Caption: MTN LOGO