MTN laying the groundwork for its Nigerian IPO
CEO Rob Shuter expects the process of listing in Lagos to be completed in six months, the initial public offering is part of the settlement of a $1bn fine imposed by Nigerian regulators
London — MTN Group is focused on laying the groundwork for an initial public offering (IPO) of its Nigerian business and should complete the process in the next six months, CEO Rob Shuter said. "We have a lot of advisers running around getting everything ready," he said in an interview with Bloomberg TV on Wednesday. "It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are moving forward well with the project and anticipate concluding that in the next six months or so." MTN agreed to the Lagos IPO as part of the settlement of a $1bn fine imposed by Nigerian regulators on MTN in 2015. Africa’s biggest wireless operator by sales incurred the penalty after missing a deadline to disconnect unregistered subscribers amid a security crackdown in the West African country. Since then, the CEO said he had been "pleased" with MTN’s operation in Nigeria, the biggest of the company’s 22 markets across Africa and the Middle East. Shuter joined MTN in March aft...
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