Home Business MTN to trade shares on Nigerian stock exchange

MTN to trade shares on Nigerian stock exchange


MTN Nigeria, a subsidiary of Africa’s major telecommunications organization MTN Group, will commence trading shares on the Nigerian Stock Exchange on Thursday. 

The South African company suggests this is the to start with action to growing regional possession.

MTN Nigeria will list by introduction, this means its present-day shares will be detailed on the trade without having an additional general public sale. 

It will be the to start with cellular company on the inventory sector and the business suggests it could still do a general public presenting in the foreseeable future. 

The listing values MTN Nigeria at $6bn (£4.5bn). 

The deal is component of an settlement with the Nigerian federal government following MTN was purchased to pay out $8.1bn to Nigeria’s central bank adhering to a tax dispute. 

Very last 12 months, the organization agreed to pay back $53m to solve the dispute. 

Nigeria is MTN’s largest marketplace in Africa with nearly 60 million shoppers at the stop of last 12 months. The enterprise is also stated in South Africa and Ghana, with expectations to record in Uganda pursuing a push for area possession by authorities in Kampala.

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