Mobile phone operator on track to list on local stock exchange in 2017

Pulse Staff 06:25 - 28 July 2016

A man speaks on a mobile phone as he walks past a MTN shop at a shopping mall south of Johannesburg June 6, 2012.

MTN is the largest mobile phone operator in Nigeria with 57 million subscribers, and the country accounts for about a third of its revenue.

Africa's biggest mobile phone operator MTN Group said on Thursday its Nigeria unit is on track to list on the Nigerian Stock Exchange (NSE) in 2017 as part of an agreement with the Federal Government.

MTN had said in June its local unit would list on the NSE after agreeing to pay a reduced fine of $1.7 billion in a settlement with the Nigerian government of a long-running dispute over unregistered SIM cards.

MTN Nigeria aims for the listing to take place during 2017, subject to market conditions.

MTN Nigeria appointed Stanbic IBTC Capital, Standard Bank of South Africa and Standard Advisory London, and Citigroup Global Markets, as joint transaction advisors and global coordinators, with Stanbic acting as lead issuer.