MTN soars to five-year high as Nigeria unit stake sale could net R4bn
Africa’s biggest mobile phone operator plans to sell 14% of the Nigeria business
04 November 2021 - 09:44
UPDATED 04 November 2021 - 19:30
MTN shares surged to close at the highest levels since 2016 as investors cheered the move to sell down its stake in the Nigerian unit in a deal that could net Africa’s biggest mobile phone operator nearly R4bn.
The sale, which would be done via the so-called accelerated bookbuild — or a share sale held over a short period of time — to investors, and the fixed price to retail investors, is the latest in a series of disposals by the company working to pay down debt, sharpening its focus on returns and reducing risk. ..
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.