MTN Group said on Thursday it was on track to list its Nigerian unit in 2017.
But the business will only be listed on the Nigerian Stock Exchange “as soon as commercially and legally possible”.
The listing is part of a 330-billion naira ($1.06bn) fine settlement the firm reached with the Nigerian Communications Commission (NCC). MTN was fined in October 2015 for missing the deadline to switch off 5.1-million subscribers as part of the customer registration law.
MTN Nigeria has so far paid 80-billion naira to the NCC for the fine.
MTN Nigeria had established a management task team that would guide the company towards a listing, MTN said.
“The proposed listing would be subject to suitable market circumstances and conditions, and the appropriate approvals from relevant regulators and other stakeholders,” the group said.
In June, MTN executive chairman Phuthuma Nhleko said the group would not lose control of its Nigerian subsidiary when the company was listed.
MTN will substantially increase its capital expenditure in Nigeria in 2017, as it invests R11.1bn in upgrading and expanding its wireless and fixed-line network in that country.
On Tuesday last week, MTN warned that it would report a negative headline earnings per share for the six months to June, dragged down by the fine and the underperformance of Nigeria and SA, its two biggest entities.
This is MTN’s first half-year loss in 20 years. The group also blamed foreign exchange losses in a number of operations.
Source: BDLIVE
