A man passes an MTN board in Lagos, Nigeria. Picture: AFP PHOTO/PIUS UTOMI EKPEI
MTN’s Nigerian business, which accounts for a third of the group’s profits, will list in that market on Thursday, the mobile operator says. The company has opted for a “listing by introduction”, meaning that the shares of existing MTN Nigeria shareholders will be listed without an additional public sale of shares.“We appreciate the continued support afforded to us by the government, regulators and people of this great nation,” said MTN Nigeria CEO Ferdi Moolman.
The group’s Nigerian business has had a number of run-ins with regulators, and remains in a tussle with the country’s attorney-general over allegedly unpaid taxes worth $2bn.MTN agreed to a listing in Nigeria as part of an earlier fine for failing to disconnect unregistered SIM cards in the country. “As MTN Group we are very pleased that we are taking this first and important step towards increasing the local ownership of the company, and building the equity capital markets in Nigeria,” said MTN Group CFO Ralph Mupita.About 2.1-million active mobile subscribers were added to the network.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Thursday May 9: Five Things You Need to Know to Start Your DayU.S. stocks fluctuated but ended with a flop as Washington and Beijing offered conflicting messages on trade. Futures in Asia pointed lower, too. The U.S. tightened the screws on Iran after its ultimatum to Europe. And the U.S. Secretary of State slaps a stunner on Britain. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business' wish list for Ramaphosa: End corruption, load sheddingFin24 It was expected that they'll skip the land . . . Fin24 Don't they understand that corruption is the glue that holds MYANC together? Fin24 End Corruption = The end of MYANC
Source: News24 - 🏆 4. / 80 Read more »
Elections boost business confidence | IOL Business ReportThe incoming administration is set to inherit improved business confidence after sentiment rose in April for the first time since January in anticipation of a more stable post-election policy environment. busrep busrep You are as gullible as the 30percenters
Source: IOL - 🏆 46. / 51 Read more »
Many big businesses treat SMEs as a line of credit, Small Business Institute saysSmall and medium enterprises are urged to claim interest and debt recovery costs for late payments Don’t understand why invoices are being paid more than 30 days later...especially when the institution requested urgent delivery and we complied within days. Totally unacceptable, small business is not sustainable when payment is not forthcoming...
Source: BDliveSA - 🏆 12. / 63 Read more »