MTN may shrug off Jumia gains and sell
SA operator is still likely to go on with plan to cut its stake in Nigerian-based e-commerce firm
Africa’s biggest mobile network operator MTN is likely to proceed with its plan to reduce its Jumia Technologies stake significantly even as the Nigerian-based e-commerce company soared after listing on the New York Stock Exchange on Friday. Africa-focused Jumia’s share price leapt 75% in New York on Friday, giving it a market value of $1.9bn (R26.6bn). In response, MTN rose 1% to R98.51 on the JSE early on Monday, the best level since the mobile operator ran into regulatory troubles in Nigeria in August 2018. MTN’s stake of about 30% in the company is now worth about R8.2bn, or R4.36 per MTN share. MTN’s share price closed 0.51% up at R98, giving it a market capitalisation of about R184bn. PODCAST | Consumers are fed up with Telcos Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Casts | Player.fm The mobile operator said on Monday it was pleased with the initial public offering (IPO), but did not say how long it intended to hold on to its investment in Jumia."MTN surely won’...
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