“Today we announce our intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria, by way of a bookbuild to institutional investors and fixed price to retail investors,” MTN Group said on its website.
“The offer is anticipated to open in November 2021 with a book build to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021. The offer is expected to close in December 2021.” MTN said selling the shares is the first step in its previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria.
The Nigerian sale comes as MTN looks to finalise a sale-and-leaseback of its South African telecom-mast portfolio and list shares in the Uganda operation in Kampala. The company also netted some proceeds from the initial public offering of towers firm IHS in New York last month.
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