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MTN Nigeria eyes debt and equity sale after stock market listing

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Nigeria, MTN’s biggest market with 52.3 million users in 2017, accounts for a third of the South African group’s annual core profit, but it has faced problems in the country in recent years.

ABUJA – MTN Nigeria is arranging local debt financing and plans to sell shares to new investors through a public offering, after listing its shares in Africa’s biggest economy on Thursday.

MTN, owned by South Africa’s MTN Group, has been one of the main beneficiaries of Nigeria’s push to liberalise its economy over the past two decades. But it has come under increased pressure from the government to boost local ownership. The company also said the Nigerian unit will raise debt, adding that the total level rose 44% to 252 billion naira in the first quarter.

MTN decided to list its local company in Nigeria in 2016 after agreeing to pay a $1.7 billion fine to settle a SIM card dispute with the government. Earlier, the company said it planned to list in the first half of 2019.The company said capital expenditure in the first quarter, rose to 63 billion naira, the bulk of which went to upgrade its network, up from 18-billion-naira same period last year.

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