Accra — MTN’s Ghanaian unit lifted its target for an upcoming initial public offering (IPO) by more than a half to 3.48-billion cedis ($787m), according to two people familiar with the matter. Africa’s biggest mobile-phone company by subscribers is preparing to list a 35% stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2bn. While the bourse estimated the value of the stake at about 2-billion cedis in February, the assessment was raised after a fresh valuation of the company, said the people, who asked not to be identified because they are not authorised to speak publicly about the matter. The sale was likely to start in April even though the Securities and Exchange Commission still needed to approve the listing’s prospectus, said the people. Ten times Pala Asiedu-Ofori, a spokeswoman for MTN in Accra did not answer calls or immediately respond to text messages seeking comment. A spokesman for MTN Group in Johannesburg declined to comment when...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.