MTN Group’s first-half earnings rose as Africa’s largest wireless carrier pushed ahead with an asset disposal plan and saw strong profit growth in its biggest market of Nigeria.
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MTN Nigeria has published strong maiden results as a listed company, with operating margins expanding significantly on the back of good service revenue growth.
MTN Nigeria says it’s being investigated by the country’s Economic and Financial Crimes Commission over a listing of shares on the stock exchange.
MTN Group’s Nigerian unit’s shares jumped as they began trading in Lagos, a step toward a partial sale of a majority 79% stake owned by Africa’s largest wireless carrier.
MTN Group said on Wednesday that its Nigerian subsidiary has received approval to list on the premium board of the Nigerian Stock Exchange.