NIGERIA
MTN looks at ways around Lagos IPO
MTN Group, the wireless carrier facing a combined $10bn in claims from authorities in Nigeria, says it may no longer seek to raise capital through an initial public offering on that country’s stock exchange. Africa’s largest mobile carrier was considering other ways to have its stock traded in Lagos, including what is known as an introduction, in which existing shares are listed, CFO Ralph Mupita said in an interview in Johannesburg. MTN’s board still had to make a final decision, he said. "The IPO type of listing has become challenging under current market conditions," Mupita said. "We are exploring other options. The Nigerian business would not get fair value under current market conditions." A listing by introduction was the simplest way forward, he said. MTN could complete the listing in its biggest market by the end of this year or first quarter of 2019, the CFO said. The company’s stock has plunged in the wake of a dispute with the central bank over the repatriation of $8.1bn ...
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