MTN Group Ltd has announced plans to proceed with a public offer to sell up to 575 million shares in Nigeria as it reported higher third-quarter revenue and core profit Thursday.
The South Africa-owned company, which has been exiting or reducing its stakes in some areas including its Ugandan and Zambian units, said the separation of fintech and fibre assets was on track.
MTN, South Africa’s largest telecom firm, said the offer to sell shares in MTN Nigeria will open this month with a bookbuild to institutional investors, after which a fixed price will be announced for retail investors.
MTN’s core profit jumped 24.1% in the three months to September on robust demand for data and digital financial services. It added 0.2 million subscribers during the quarter, taking the total to 271.9 million.