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CORRECTED-MTN moves ahead on Nigerian stake sale with markets in turmoil -Bloomberg

Published 31/03/2020, 14:54

(Corrects title of Mupita to CFO in paragraph 2)
JOHANNESBURG, March 31 (Reuters) - MTN Group MTNJ.J may
have to consider a phased sale to reduce its majority stake in
its Nigerian business MTNN.LG but still plans to proceed with
the disposal, Bloomberg reported on Tuesday.
Group Chief Financial Officer Ralph Mupita said in an
interview with the news agency that the impact of the virus on
international financial markets did not change the mobile
network operator's plans to sell part of its 79% shareholding to
local investors.
"In Nigeria we still want to do part of our retail offer,
even if it's a smaller part of the total planned sale," Mupita
told Bloomberg by phone. "We are applying our minds to doing
this at the moment."
Earlier in March, telecoms group MTN revised its medium-term
target for its divestment plan, and now wants to secure a
further 25 billion rand ($1.40 billion) in asset sales over the
next three to five-years. The asset sales include an 18.9% stake in African online
retailer Jumia, a 27 billion rand worth stake in
Mauritius-headquartered IHS Towers, MTN Nigeria's public
offering and share sales to local investors in its Ugandan and
Zambian units.
($1 = 17.8386 rand)

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