MTN Lists in Nigeria

MTN Nigeria has signed a $653 million loan with seven local banks, a day after it floated its shares on the Lagos stock market. The seven-year loan deal coordinated by Citibank was signed with a consortium of Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank , FCMB, United Bank for Africa and First Bank. MTN Nigeria, majority owned by South Africa‘s MTN Group , floated its shares in a $6.5 billion listing on Thursday turning into the second-largest company on the exchange after Dangote Cement. The Lagos-listed shares gained a further 10% on Friday, its second day of trading. The shares, which listed at 90 naira, closed 10% higher at 99 naira on Thursday. The MTN unit has 52.3 million users in Nigeria in 2017 and accounts for a third of the Johannesburg-based parent’s profit. However, it has had fraught relations with the Nigerian authorities, including rows over SIM cards and tax payments. It listing follows MTN Group’s agreement with Nigerian regulators to settle most of those disputes.

SOURCES: MONEYWEB

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