MTN Group to sell stake in Nigerian subsidiary

MTN Group will look at reducing its majority shareholding in its Nigerian subsidiary as part of its plans to monetize assets. The company is also looking to sell some of its stake in tower firm IHS Holdings.

MTN Group said it has raised ZAR 14 billion since it started offloading ‘non-essential’ businesses in March and it is ready to step up the process.

Selling 14 percent of its Nigerian business would reduce the group’s stake to 65 percent and could raise around USD 4 billion. According to the company, proceeds from the assets sale would be used to pay off some debts and invest in its main markets.

A spokesperson for the company also said it is “seriously investigating” the prospect of taking part in the planned privatization of Ethiopia’s phone monopoly.