MTN blasts reports over Nigeria listing

Telecommunications group MTN has rubbished reports that it plans a secondary listing in Nigeria, saying that it is only considering a listing of its subsidiary company in the West African nation, not a secondary listing of the group.

Phuthuma Nhleko

Phuthuma Nhleko

Telecommunications group MTN has rubbished reports that it plans to list in Nigeria, saying that it is only considering a listing of its subsidiary, MTN Nigeria.

The JSE-listed group said in a statement that it was concerned about unnamed media reports that said that it would list in Nigeria.

“This is grossly inaccurate. The correct comment, as expressed by the executive chairman [Phuthuma Nhleko] is that MTN could consider listing the local operation, MTN Nigeria, not the group,” it said.

“As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.”

Several reports at the weekend suggested MTN was mulling the possibility of a secondary listing in Nigeria.

Although the listing of MTN Nigeria remains a consideration, it is not a planned listing, as suggested in some reports, MTN added. “Also important to correct is that the current shareholding in MTN Nigeria available for over-the-counter trading constitutes approximately 10% of MTN Nigeria.”

The group said, too, that reports that MTN has US$22bn “stuck” in Nigeria were inaccurate. “MTN Nigeria has the cash equivalent of approximately R24,6bn, with some R26,2bn in debt, implying a net debt position of R1,7bn.”  — © 2016 NewsCentral Media

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