MTN said to have named more banks for sale of shares in Nigerian unit
MTN has appointed more banks for the sale of shares in its Nigerian unit on the stock exchange in Lagos, as it looks to start an initial public offering (IPO) in June or July, according to people familiar with the matter. Africa’s largest wireless operator by sales has picked several banks and brokers including Renaissance Capital, Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global co-ordinators Citigroup and Standard Bank, said the people, who asked not to be named as the matter was private. The company met its bankers on Wednesday and held a presentation about MTN Nigeria for foreign and local analysts on Friday in Lagos, they said. MTN is yet to decide what portion of the subsidiary to sell, they said. It may aim to raise about $400m, or roughly 10% of the stock, two of the people said. An MTN spokesperson declined to comment. The company agreed to the listing in June 2016 as part of a $1bn fine for missing a deadline to disconnect unregistered subscriber...
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