MTN Nigeria To List Before June, To Sell Jumia Shares
The Nigerian arm of Africa’s telecom giant MTN said on Thursday it will list on the Nigerian Stock Exchange, NSE during the first half of 2019 without raising new money from investors immediately.
The company said it would simplify its capital structure prior to the listing.
MTN said its subscriber base grew in Nigeria to 58 million users in 2018, up 6 million.
Meanwhile, the parent company MTN Group plans to raise more than 15 billion rand ($1.05 billion) in asset sales over the next three years.
Reuters reports that MTN, whose shares surged more than 7% on the announcement, is reviewing its operations in some markets and its investments in e-commerce platforms, as part of a plan to focus on high-growth markets in the Middle East and Africa.
As part of the review, the South African company has agreed to sell its minority stake in Botswana’s Mascom for $300 million. It sold its sole European unit in Cyprus last year.
To Sell Stake In Jumia
MTN said its investments in tower companies and e-commerce platforms, such as African online retailer Jumia, were valued at 40 billion rand and would be sold as they were not long-term strategic assets.
“The group has committed to the portfolio review realising more than 15 billion rand over the next three years, excluding any proceeds from its 23-billion-rand position in IHS,” the company said.
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