MTN Group on Wednesday moved to reassure nervous investors that a crackdown by Nigerian authorities on unregistered phone lines will not have a huge adverse impact.
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Nigeria has ordered the nation’s wireless companies to bar outgoing calls from phone numbers not linked to the national identity number in a bid to control extortions and abductions.
MTN Group’s share price topped R200/share on Wednesday, the first time the JSE-listed telecoms giant has touched these levels in nearly seven years.
MTN Group has raised gross proceeds R4.3-billion through the sale of shares in its Nigerian subsidiary that has seen its stake in reduced to 75.6%.
MTN Group’s biggest operation has turned in a particularly strong set of financial results for the year ended 31 December 2021.
MTN’s Nigerian unit has been awarded a 5G licence, paving the way for the continent’s largest wireless carrier to supply faster Internet to consumers and businesses.
MTN Group said on Tuesday that it has secured regulatory approval for a public offer of ordinary shares in its Nigerian subsidiary.
Shares of MTN Nigeria hit an all-time high on Monday after receiving approval to operate mobile money services in Africa’s most populous country.
MTN Group’s shares surged in Johannesburg after it moved a step closer to getting a licence to operate lucrative mobile money services in Nigeria.
MTN Group has reported a 19.1% improvement in service revenue on the back of strong performances in data and mobile money.