MTN to Plan $500 Million Nigeria Share Sale in 2018
- South African phone company could sell up to 30% of Lagos unit
- Nigerian listing forms part of $1 billion fine settlement
An MTN Group roadside kiosk in Lagos, Nigeria.
Photographer: Tom Saater/BloombergMTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter.
Standard Bank Group Ltd. and Citigroup Inc. have been advising Africa’s largest mobile-phone company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange, said the people, who asked not to be identified as the details aren’t public. Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success, one of the people said.