MTN on track to list on Nige­ria ex­change

Daily Trust - - BUSINESS -

Africa’s biggest mo­bile phone op­er­a­tor, MTN Group, said yes­ter­day its Nige­ria unit is on track to list on the Nige­rian Stock Ex­change (NSE) in 2017 as part of an agree­ment with the fed­eral govern­ment.

MTN had said in June its lo­cal unit would list on the NSE after agree­ing to pay a re­duced fine of $1.7 bil­lion in a set­tle­ment with the Nige­rian govern­ment of a long-run­ning dis­pute over un­reg­is­tered SIM cards.

MTN Nige­ria aims for the list­ing to take place dur­ing 2017, sub­ject to mar­ket con­di­tions.

MTN is the largest mo­bile phone op­er­a­tor in Nige­ria with 57 mil­lion sub­scribers, and the coun­try ac­counts for about a third of its rev­enue.

MTN Nige­ria ap­pointed Stan­bic IBTC Cap­i­tal , Stan­dard Bank of South Africa and Stan­dard Ad­vi­sory Lon­don, and Cit­i­group Global Mar­kets, as joint trans­ac­tion ad­vi­sors and global co­or­di­na­tors, with Stan­bic act­ing as lead is­suer

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