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%.
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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.
MTN Group plans to proceed with a public offer to sell up to 575 million shares in its Nigerian business.
A Nigerian tax tribunal has cleared MultiChoice Group to appeal a disputed U$4.4 billion tax bill in the country, according to people familiar with the case.
MTN Group is set to complete the sale and leaseback of South African towers by the end of next month, while a separation of both the fintech and fibre units is also under way.