Phuthuma Nhleko former CEO of the MTN Group. Image Credit: bwbx
Phuthuma Nhleko former CEO of the MTN Group. Image Credit: bwbx
Advertisement Advertisement  

Telecommunications group MTN has rubbished reports that it plans to list in Nigeria, saying that it is only considering a listing of its subsidiary, MTN Nigeria.

The JSE-listed group said in a statement that it was concerned about unnamed media reports that said that it would list in Nigeria.

“This is grossly inaccurate. The correct comment, as expressed by the executive chairman, Phuthuma Nhleko, is that MTN could consider listing the local operation, MTN Nigeria, not the group,” it said.

“As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.”

Several reports at the weekend suggested MTN was mulling the possibility of a secondary listing in Nigeria.

Although the listing of MTN Nigeria remains a consideration, it is not a planned listing, as suggested in some reports, MTN added. “Also important to correct is that the current shareholding in MTN Nigeria available for over-the-counter trading constitutes approximately 10% of MTN Nigeria.”

The group said, too, that reports that MTN has US$22bn “stuck” in Nigeria were inaccurate. “MTN Nigeria has the cash equivalent of approximately R24,6bn, with some R26,2bn in debt, implying a net debt position of R1,7bn.”

[TechCentral]