MTN Group had 236.6 million subscribers on its books at the end of its financial first quarter, to 31 March 2019, up from 232.6 million at the end of December.
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MTN Group’s Nigerian unit may list shares in Lagos next week, according to two people familiar with the matter, almost three years after agreeing to the move as part of a deal with local regulators.
A Nigerian court has thrown out an objection lodged by Nigeria’s attorney-general, paving the way for the substance of an MTN lawsuit against the AG to be argued next month.
A Nigerian court is expected to hand down judgment on Tuesday in the ongoing battle between the nation’s attorney-general and MTN, with the AG claiming the group owes $2-billion in unpaid duties and taxes.
MTN Group has asked the Nigerian Securities & Exchange Commission for permission to proceed with a listing of its shares.
MTN Group was awarded additional broadband spectrum in Nigeria related to its 2015 acquisition of Visafone Communications following a lengthy regulatory battle.
Shares of MTN Group recovered from their biggest decline in more than five months to close little changed as Nigeria urged a Lagos court not to block a $2-billion penalty it imposed on the mobile carrier.
MTN Group plans to push ahead with an initial public offering of its Nigeria unit in April or May once Africa’s biggest wireless carrier resolves a $2-billion tax dispute in the country.
Nigeria is preparing rules that will allow wireless carriers to transfer cash, softening a previous policy that protected the turf of banks in Africa’s most populous country.
MTN Group executives may have expected investors to cut them a little slack after they got potential liabilities of $8.1-billion in Nigeria reduced to $53-million last month. Not so.