MTN Group has appointed more banks for the sale of shares in its Nigerian unit on the stock exchange in Lagos as it looks to start an initial public offering in June or July, say people familiar with the matter. The Johannesburg-based wireless operator, Africa's largest by sales, has picked several banks and brokers, including Renaissance Capital, FirstRand's Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global coordinators Citigroup and Standard Bank Group, say the sources, who asked not to be named. The company met its bankers on Wednesday and held a presentation about MTN Nigeria in Lagos for foreign and local analysts on Friday, they say. MTN is yet to decide what portion of the subsidiary to sell, they said. It may aim to raise about $400-million (about R4.9-billion), or roughly 10% of the stock, two of the sources say.An MTN spokesman declined to comment. The company agreed to the listing in June 2016 as part of a $1-billion fine for missing a deadline t...
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