Nigerian authorities approve MTN’s 14% share sale
Having had a difficult relationship with Nigerian authorities over the years, there has been much good news for MTN in recent times
MTN’s plan to sell a portion of its Nigerian unit to local investors has received the thumbs up from the West African country’s capital markets watchdog, moving it one step closer to closing a deal that could net it nearly R4bn.
The sale, which would be done via a so-called accelerated bookbuild — or a share sale held over a short period of time — to institutional investors, and a fixed price to retail investors, is the latest in a series of disposals by the company working to pay down debt, sharpen its focus on returns and reduce risk. ..