MTN Group Plans To Sell 14% Of Nigerian Operations - Reports
The MTN Group is reportedly looking to reduce its majority shareholding in its Nigerian operations by 14%.
Bloomberg has reported that the company is hoping to raise $4 billion from the sale of some of its assets.
The mobile operator is also looking to sell some of its shares in IHS Holdings, the largest operator of wireless communication towers.
The MTN Group said that it had already raised some billions since it started offloading its ‘non-essential’ businesses in March and it is ready to step up the process.
Selling off 14% of its Nigerian operations would reduce the group’s shares to 65%.
According to MTN, proceeds from the sale of the assets would be used to pay off some of the company’s debts and also invest in its main markets — the company announced on Wednesday last week that it would invest an extra $1.6 billion in Nigeria.
A spokesperson for MTN added that the mobile giant is “seriously investigating” the prospect of securing a slice of the cake in the planned privatization of Ethiopia’s phone monopoly.
Since the asset sale programme started in 2019, the company has sold minority stakes in two tower ventures, its booking website Travelstart, and redeemed preference shares in Nigeria.
Credit: This article originated from www.thecable.ng