The largest Telecom Company in Africa MTN Group Ltd. has appointed units of Citigroup Inc. and Standard Bank Group Ltd. as advisers on a planned listing of the wireless company’s Nigeria business in the country’s local stock exchange, this is however part of a deal struck with the West African nation’s government to settle a record fine.
Africa’s biggest Telecom Company MTN is targeting a listing of the Nigeria unit in 2017, “subject to suitable market conditions,” the South African based company said in a statement released on Thursday
Stanbic IBTC Capital, the Nigerian arm of Johannesburg-based Standard Bank, will be the lead issuing house, while a full syndicate including Nigerian parties will be appointed in due course.
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MTN also agreed to list the unit in Nigeria, the company’s biggest market, as part of a deal to pay a 330 billion naira ($1 billion) fine in cash to the Nigerian government for missing a deadline to disconnect unregistered subscribers. The shares gained 0.2 percent to 144.28 rand as of 9:05 a.m. in Johannesburg, still 24 percent lower than when the fine was levied in October.