MTN to sell shares in Nigeria business through public offer

MTN Group, the largest mobile operator in Africa, plans to proceed with a public offer to sell 575-million shares in its Nigerian business.

The offer will open in November with a bookbuild to institutional investors, after which a fixed price will be announced for retail investors. The offer is expected to close in December. The group’s subscription base rose by a net 200,000 to 271-million in the three months to end-September, held back by new SIM registration regulations in Nigeria. Stripping out Nigeria, subscribers were up 1.6-million.

“The MTN Group recorded a solid [third-quarter] 2021 trading performance, tracking positively against our medium-term targets with double-digit service revenue growth and the expansion of ebitda [said in a statement.

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