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.
Vodacom and Telkom will complete the work they need to do for their roaming agreement by the June deadline, Vodacom Group CEO Shameel Joosub said this week.
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.
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.