MTN could delay Nigerian listing over repatriation fight
MTN Group’s plan to sell shares in its Nigerian unit on the local stock exchange next year is at risk following allegations by lawmakers that Africa’s biggest wireless carrier illegally moved almost $14 billion out of the country, according to two people familiar with the matter.In the event of a lengthy legal process to dispute the claims the proposal could be delayed indefinitely, said the people, who asked not to be named because the information is private. The Johannesburg-based company had been targeting a listing in the third quarter of 2017, they said.MTN remains committed to the listing and will proceed with the share sale when it’s legally and commercially possible, a spokesman for the carrier said."The threat of the unresolved allegations makes it hard to place a proper valuation on the company and makes a listing challenging," Peter Takaendesa, a money-manager at Mergence Investment Managers in Cape Town, said by phone. "Nigeria needs this listing to strengthen the market...
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