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(Photograph by Gallo Pictures/Papi Morake)
MTN plans to promote shares within the service’s Nigeria unit price about 101 billion naira (R3.7 billion), persevering with a plan to eliminate belongings and pay down debt.
Africa’s largest mobile-phone operator will supply 575 million shares in MTN Nigeria, which listed in Lagos in 2019, based on a press release on Thursday. The transfer is a part of a broader plan to promote about 14% of the mum or dad firm’s holding in its largest and most worthwhile unit, the group mentioned.
On Thursday morning, MTN shares rose as a lot as 3.6% in Johannesburg, essentially the most in nearly a month. The inventory has surged 138% this yr, the most effective performer on the FTSE/JSE Africa Top40 Index, as buyers cheer varied cash-raising workouts.
The Nigeria sale comes as MTN seems to be to finalise a sale-and-lease again of its South African telecom-mast portfolio and listing shares within the Uganda operation in Kampala. The corporate additionally netted some proceeds from the preliminary public providing of towers agency IHS in New York final month.
MTN mentioned third-quarter service income gained by 19%, pushed by knowledge and fintech gross sales.
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