Despite the intentions of the Establishment to derail it, it seems the MTN Group are intent on solidifying their relationship with the Nigerian market. According to Mounir Gwarzo, the Director General of the Securities and Exchange Commission (SEC), the two parties have met to discuss a possible initial public offering and how the share sale could be structured.
Mr Gwarzo also said MTN had discussed the possibility of issuing various classes of shares to targeted investor groups. He said the telecom firm was looking at three different classes which would be new in Nigeria.
MTN is the largest mobile phone operator in the country with 57 million subscribers and the country accounts for about a third of its revenue.
MTN Nigeria has appointed Stanbic IBTC Capital, Standard Bank of South Africa and Standard Advisory London, and Citigroup Global Markets, as joint transaction advisors and global coordinators, with Stanbic acting as lead issuer.
Story via Reuters