MTN Shares | MTN to sell shares in Nigeria unit via public offer

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Today, we are going to be looking into a subject that can transform the lives of every Nigerian who will be willing to invest in shares as MTN has decided to sell shares in Nigeria unit via public offer. Welcome on-board once again

MTN Shares | MTN to sell shares in Nigeria unit via public offer

MTN Group Ltd (MTNJ.J) said on Thursday that book-building for a public offering to sell up to 575 million shares in its Nigeria company will begin this month, as it reported increased third-quarter revenue and core profit.

The business said the separation of fintech and fiber assets was on track, despite the fact that it has been abandoning or cutting its investments in several locations, including its Ugandan and Zambian units.

MTN said this month’s bookbuilding activity will target institutional investors before a fixed price was published for regular investors. MTN and Vodacom Group Ltd (VODJ.J) control more than 70% of the South African mobile market in terms of users.

“Rising unemployment in South Africa is a concern, and initiatives such as the temporary employee relief scheme may have an immediate impact on growth from prepaid users in the lower-income group,” the business stated.

MTN’s Nigerian business was listed in Lagos two years ago, making it the country’s second-largest stock by market capitalization.

MTN Nigeria’s shares, which were flat on Thursday at 191 naira, have been hit by lockdowns to slow the spread of coronavirus, and have fallen to the listing price of 90 naira in March 2020.

On strong demand for data and digital financial services, MTN’s core profit increased by 24.1 percent in the three months to September. During the quarter, it added 0.2 million members, bringing the total to 271.9 million.

The firm said it was targeting a capital expenditure of 31.1 billion rand in 2021, up from a previous forecast of 14.8 billion rand. It also extended its chief operating officer Jens Schulte-contract Bockum’s by two years to 2024.

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