MTN lambasts reports over Nigerian listing

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MTN, Africa’s largest mobile phone operator, was concerned about inaccurate media reports that it was planning a secondary listing in Nigeria. By Staff Writer

 


The telco said in a statement on Monday that it was concerned about reports attributed to its senior executives, purporting that MTN Group is planning to list in Nigeria.

“This is grossly inaccurate. The correct comment, as expressed by the Executive Chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group. As a result, reports that MTN is considering a secondary listing in Nigeria are misleading,” MTN said in a statement.

Furthermore, the listing of MTN Nigeria, as indicated in the media briefing, remains “a consideration, it is not a planned listing, as suggested in some of the media reports.

“Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.”

The South African-based mobile phone giant firther said that also worrying are reports that MTN has $22 billion stuck in Nigeria.”This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6 billion with some R26.2 billiobn in debt implying a net debt position of R1.7 billion,” the company clarified in a statement.

 

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