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. ..

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