Markets
MTN to Sell Part of 79% Stakes in Nigerian Business
- MTN to Sell Part of 79% Stakes in Nigerian Business
MTN Group may sell part of its 79 stakes in Nigerian business to local investors soon, according to a Bloomberg report.
Ralph Mupita, the Chief Executive Officer, MTN Group, who disclosed this in an interview, said the impact of the coronavirus pandemic on the global financial markets did not change the telecom plans to sell part of its majority stakes to local investors.
“In Nigeria, we still want to do part of our retail offer, even if it’s a smaller part of the total planned sale,” Mupita told Bloomberg by phone, adding, “We are applying our minds to doing this at the moment.”
In early March, MTN announced it would cut back on its divestment plan and push for US$1.4 billion or 25 billion rand purchase over the next three to five years.
The previously announced asset sales include 18.9 percent stake in African online retailer, Jumia; a 27 billion rand worth stake in Mauritius-headquartered IHS Towers; MTN Nigeria’s public offering and share sales to local investors in its Ugandan and Zambian units.