Telecom giant, MTN, says it plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business.
The South Africa’s biggest telecoms operator, which made the disclosure in a statement on on Thursday, after reporting higher third-quarter revenue and core profit, has been exiting or reducing its stakes in some areas including its Ugandan and Zambian units.
The company noted that the separation of fintech and fibre assets was on track.
“In South Africa, rising unemployment is a concern and may impact growth from prepaid customers in the lower-income segment in the near-term, if measures such as the temporary employee relief scheme are withdrawn,” the company said.
MTN, which along with Vodacom Group Ltd (VODJ.J) controls over 70% of the South African mobile market in terms of subscribers, said the offer to sell shares in MTN Nigeria will open this month with a bookbuild to institutional investors, after which a fixed price will be announced for retail investors.