MTN Group has said it may no longer seek to raise capital through an Initial Public Offering (IPO) on the Nigerian Stock Exchange (NSE) as previously planned, while considering the option of listing its existing shares. The company, which operates the largest telecoms network in Nigeria and Africa, is reconsidering the IPO amid a dispute with the Nigerian authorities, which is its biggest market that wiped more than a third of the company’s market value over three weeks. MTN Nigeria had in 2015, pledged to list its shares on the NSE after it was fined N1.04 trillion for its failure to disconnect improperly registered SIM cards on its network. The fine was later reduced to N330 billion and the company has paid N165 billion in staggered payment mode, which is 50 per cent of the reduced fine, with plans to complete payment by 2019. Read More:
Category: Daily Market Report
