ADVERTISEMENT

MTN plans to sell shares in Ghana Unit to secure local spectrum

The sale would help MTN meet conditions it agreed to last year when it spent $67.5 million for the right to use spectrum that can carry high-speed mobile data for customers in Ghana.

MTN Group Ltd. plans to sell shares its Ghanaian business as Africa’s largest wireless carrier by sales fulfills a condition related to the allocation of internet spectrum in the country.

The company has submitted a prospectus to Ghana’s securities regulator and plans to sell 35 percent of the business, Adu Anane Antwi, director general of the Securities and Exchange Commission, said by phone on Wednesday.

The Johannesburg-based mobile provider plans to raise $500 million from the sale and is approaching wealthy individuals in the West African country, according to people familiar with the matter.

The company was granted a 15-year license for fourth-generation spectrum on the condition that 35 percent of the business would be owned by Ghanaian investors.

ADVERTISEMENT

A representative of MTN declined to comment.

MTN said earlier this month it raised more than $1.3 billion from loan agreements as it works to improve its debt structure and support its credit rating.

MTN’s move to attract funding comes after the company reported its first-ever half-year loss in August, partly caused by an agreement to settle a record 330 billion naira ($1.1 billion) fine in Nigeria for missing a deadline to disconnect customers.

MTN said is “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country over 10 years as the company tries to quell the latest controversy in its largest market.

Credit: Bloomberg

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

'We'll build a better one' - Pastor Chris reacts to burning of Christ Embassy church

'We'll build a better one' - Pastor Chris reacts to burning of Christ Embassy church

Something will be different about the moon in July — will Nigerians see it?

Something will be different about the moon in July — will Nigerians see it?

Tourist on mission to watch animals in safari is trampled to death by elephant

Tourist on mission to watch animals in safari is trampled to death by elephant

Christ Embassy fire under control – Lagos fire service

Christ Embassy fire under control – Lagos fire service

Nigerians to experience thunderstorms, rain for 3 days starting today

Nigerians to experience thunderstorms, rain for 3 days starting today

Tinubu orders sanction of civil servants drawing salaries after relocating abroad

Tinubu orders sanction of civil servants drawing salaries after relocating abroad

How unregistered tiger nut drink sparked cholera outbreak in Lagos

How unregistered tiger nut drink sparked cholera outbreak in Lagos

Nigerian pastor who prophesied Ruto’s win releases new prophesy & changes he should make

Nigerian pastor who prophesied Ruto’s win releases new prophesy & changes he should make

Yusuf directs security agencies to end thuggery, area boys clashes in Kano

Yusuf directs security agencies to end thuggery, area boys clashes in Kano

Pulse Sports

‘Respect’- Super Eagles star Victor Boniface pays homage to Obafemi Martins

‘Respect’- Super Eagles star Victor Boniface pays homage to Obafemi Martins

PulseSports30: Olayinka, Dessers, Moffi crack top ten

PulseSports30: Olayinka, Dessers, Moffi crack top ten

PulseSports30: Okoye back among the best as Olawoyin finishes ahead of Tella

PulseSports30: Okoye back among the best as Olawoyin finishes ahead of Tella

Finidi George responds to accusation made by Victor Osimhen in viral video

Finidi George responds to accusation made by Victor Osimhen in viral video

Elaine Thompson-Herah withdraws from the 200m of the Jamaican Olympic games trials amidst injury woes

Elaine Thompson-Herah withdraws from the 200m of the Jamaican Olympic games trials amidst injury woes

PulseSports30: Sikiru Alimi tops Moses Simon as Osayi-Samuel comes in at 24

PulseSports30: Sikiru Alimi tops Moses Simon as Osayi-Samuel comes in at 24

ADVERTISEMENT
ADVERTISEMENT