MTN Group Ltd. 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, according to 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 Ltd.’s Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global co-ordinators Citigroup Inc. and Standard Bank Group Ltd., said the people, who asked not to be named as the matter is private. The company met its bankers on Wednesday and held a presentation for foreign and local analysts on Friday in Lagos to give them more details about the deal and MTN Nigeria’s finances, they said.



MTN is yet to decide what portion of the subsidiary to sell, they said. It may aim to raise about $400 million, or roughly 10 percent of the stock, two of the people said.

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 to disconnect unregistered subscribers amid a security crackdown by Nigerian authorities. The penalty, originally set at $5.2 billion, led to the resignation of MTN’s then chief executive officer, a first ever full-year loss and a slump in the share price that’s yet to be clawed back.
MTN Nigeria has 52 million subscribers and generated 36 billion rand ($3 billion) of revenue in 2017, according to MTN’s financial statements. It made earnings before interest, taxes, depreciation and amortization of 14 billion rand.
Rob Shuter, MTN’s current CEO, said in an interview this month that he expected the IPO to be finalized by the end of the year.
MTN is also selling shares of its Ghana unit, which has 19 million subscribers, in the capital, Accra. It may list a 35 percent stake there for almost $800 million, people familiar with the matter said in March.

http://www.akelicious.net/2018/04/mtn-to-pick-more-banks-to-work-on.html

Kk

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,

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Is buying an IPO still a good investment in the present Nigeria?

these people that have been reaping off Nigerians for years?

nice



Please check my signature

I am quite sure their largest customer base is in this country

Fraud IPO

Mtn IPO? Interestingly, lemme see if I will buy.....who knows it may eventually be better than DAAR and FIDELITY bank shares which almost sent me heart attack...

Very reluctant IPO, they should be raising at least $1bn. At least, now the public can see the inner financial workings of MTN Nigeria.

Delay tactics on display,mtn must share their profits with Nigerians.

Sigh!

I no dey buy! No be MTN?

I no dey buy! No be MTN again? Ndi ara

datola:
Is buying an IPO still a good investment in the present Nigeria?

For MTN, it will always be a good buy

talk2percy:
I no dey buy! No be MTN again? Ndi ara

Smh

Okay,good.


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like seriously I don't like dis South Africa coming to Nigeria to make more money more Dan wat dey earn in deir country. and our Senate dey deir do dey play Tom and Jerry for us.

kmaster007:
like seriously I don't like dis South Africa coming to Nigeria to make more money more Dan wat dey earn in deir country. and our Senate dey deir do dey play Tom and Jerry for us.

MTN despite their antics, have provided more choice to Nigerian consumers. If NITEL was serious, it should have taken a big market share before MTN and others came. Especially as NITEL failed with landline miserably. They should have taken GSM technology that requires less physical infrastructure very seriously when the licences were auctioned by OBJ.

This IPO is ill timed. For the fact that it is coming at a time when MTN is struggling to pay the fine.

It seems all they want to do is to carve out a subsidiary to raise the money. More like robbing Peter to pay Paul.

Annnonymous:
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Annnonymous:
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lastempero:
Delay tactics on display,mtn must share their profits with Nigerians.

They don't pay their share holders well in South Africa.

sonnie10:
This IPO is ill timed. For the fact that it is coming at a time when MTN is struggling to pay the fine.

It seems all they want to do is to carve out a subsidiary to raise the money. More like robbing Peter to pay Paul.

On point. Trying to make the government clampdown work for them by raising free money from gullible investors.

MTN performing well continentally.

supereagle:

They don't pay their share holders well in South Africa.

But at least let's recycle our money small instead of it been stashed our to south Africa.