MTN To Raise $1bn From Nigerian IPO

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South African teleco, MTN Group, expects to raise about $1 billion from the listing of its shares on the Nigerian Stock Exchange, NSE.

MTN, according to Bloomberg, plans to sell a small portion of its Nigerian unit. The Johannesburg-based firm owns 78.8 percent of MTN Nigeria.Other minority shareholders may reduce their holdings or exit entirely, people familiar with the matter said.

In addition, MTN has appointed Stanbic IBTC Capital, as the lead-issuing house on the planned listing.

It also appointed Citigroup Global Markets, Standard Bank, and Standard Advisory London, to act as joint transaction advisors and global coordinators while other Nigerian parties will be appointed in due course.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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