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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. ..

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