MTN Nigeria eyes debt and equity sale after stock market listing

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Stocks, Commodities Tumble as China Strikes Back: Markets WrapU.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets
Source: dailymaverick - 🏆 3. / 84 Read more »

OPINIONISTA: Investing in the stock market: EndgameThe JSE has been under pressure for the past few years, but the result does not have to mimic the Avengers movie Infinity War. A happy ending is still possible here. Over to you President Cyril Ramaphosa.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »