MTN’s shares have risen about 16% so far in April, setting the mobile operator on course for its best monthly performance in almost three years, as the value of the mobile operator’s stake in e-commerce business Jumia has nearly tripled in just three days. Jumia, which operates online fashion retailer Zando in SA, listed 13.5-million American depositary receipts at $14.50 each in New York on Friday, April 12. By the close on Tuesday, Jumia’s shares were valued at $43.04, an increase of 197%.
“MTN is very pleased that Jumia has successfully listed on the New York Stock Exchange, a landmark transaction being the first African start-up to list on the NYSE,” the company said. “The listing provides market reference to value for Jumia, which has not previously been visible, and this should reflect into the MTN Group share price,” the company said. This means MTN’s roughly 30% stake in the company has swollen to about $1bn (R14bn), or about R7.40 a share. MTN’s share price, which was...
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