MTN Group has announced plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business, worth about $244 million. This continues its plan to sell assets and pay down debt.
The move is part of a broader plan to sell about 14% of the parent company’s holding in its largest and most profitable unit.
The sale comes as MTN looks to finalize a sale-and-lease back of its South African telecom-mast portfolio and list shares in the Uganda operation in Kampala. The company also netted some proceeds from the initial public offering of towers firm IHS Holding Ltd. in New York last month.
Last month, MTN Uganda announced plans for an Initial Public Offering (IPO), looking to sell a fifth of its stake to East African investors. This includes investors from Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan.
The firm’s core profit jumped 24.1% in the three months to September on robust demand for data and digital financial services. It added 0.2 million subscribers during the quarter, taking the total to 271.9 million.
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