MTN Focused On Preparing For Nigeria Unit IPO In 6 Months

MTN
Business

MTN Group are concentrated on placing the basic work for an initial public offering of its Nigerian business and e process should be complete in the next six months, Rob Shuter chief Executive Officer said.

“We have a lot of cosultants running around to get everything ready,” he said this in an interview today.

“It’s a complex process and there are many regulation that needs to be in order.

We are moving advancing well with the project and expecting that in the next six months or so the project will be completed”

MTN agreed to the Lagos IPO as part of the settlement of a $1 billion fine forced by Nigerian regulators on MTN in 2015.

Africa’s biggest wireless operator by sales suffer the sanction after missing a deadline to disengage unregistered subscribers among a security crackdown in the west African country.

Since then, the CEO said he’s been “glad” with MTN’s performance in Nigeria, the biggest of the Johannesburg-based company’s 22 markets across Africa and the Middle East.

Read alsoChevron Repeats Devotion To Nigeria Content Development

Rob Shuter, joined MTN in March after occupying executive roles at Vodafone Group Plc in Europe.

He is the permanent replacement for Sifiso Dabengwa, who voluntarily leave office after the Nigerian fine was imposed.

Other MTN main countries are Iran and South Africa.

In the past, Shuter said the company isn’t “holding back” on growing plans even as U.S. President Donald Trump oppose to the terms of a nuclear deal that led to the raising of economic sanctions last year.

MTN has about 49.5 million customers in Iran, which are under Nigeria’s 50.3 million., and has send almost $1 billion from the country in the last 12 months.

MTN has no instant plans to expand into new countries, and is instead aimed on making better operations in existing markets, which include dispute areas such as Afghanistan and South Sudan, according to the CEO.

The company needs to “create what we need to and get our networks into form,” Shuter said. “In months to come I think there will be an opportunity to engage in the consolidation of the market.”

MTN shares rose 0.2 percent to 122.96 rand as of 10:53 a.m. in Johannesburg, rating the company at 231 billion rand ($16.3 billion).

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