MTN Group’s biggest shareholder is pushing for changes at Africa’s largest mobile phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
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MTN Nigeria said it has “not been accused of any wrongdoing” after reports emerged at the weekend that it’s being investigated by the country’s Economic and Financial Crimes Commission.
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 soared another 10% on its second day of trading in Lagos as investors rushed to grab a slice of the country’s only listed mobile phone company.
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.
MTN Group’s Nigerian unit plans to raise about ₦200-billion this year from a variety of sources including bank loans and bonds to expand operations in its biggest market.
Between 6 March, the day before MTN announced its results for the year to December, and 9 May, when it published a first-quarter trading update, its share price has increased by 36%.
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.
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.