MTN Group to Cut Stake in MTN Nigeria Via Share Placing

By Sabela Ojea

MTN Group Ltd. said Tuesday that it is launching a public offering for the placing of up to 575 million shares held in MTN Nigeria, which will be priced at 169 naira (41 cents) a share.

The telecommunications company based in South Africa said the offer will open on Dec. 1 and close on Dec. 14.

"With this offer, we will contribute to the further deepening of Nigeria's equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time," President and Chief Executive Ralph Mupita said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 30, 2021 08:57 ET (13:57 GMT)

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