MTN Plans to Sell Shares in Ghana Unit to Secure Local Spectrum

MTN Group Ltd. plans to sell shares its Ghanaian business as Africa’s largest wireless carrier by sales fulfills a condition related to the allocation of internet spectrum in the country.

The company has submitted a prospectus to Ghana’s securities regulator and plans to sell 35 percent of the business, Adu Anane Antwi, director general of the Securities and Exchange Commission, said by phone on Wednesday. The Johannesburg-based mobile provider plans to raise $500 million from the sale and is approaching wealthy individuals in the West African country, according to people familiar with the matter.

The sale would help MTN meet conditions it agreed to last year when it spent $67.5 million for the right to use spectrum that can carry high-speed mobile data for customers in Ghana. The company was granted a 15-year license for fourth-generation spectrum on the condition that 35 percent of the business would be owned by Ghanaian investors.

A representative of MTN declined to comment.

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