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MTN Group denies Nigeria listing report

MTN Executive chairman Phuthuma NhlekoJOHANNESBURG, (CAJ News) – THE MTN Group has dismissed media reports it is considering listing in Nigeria.

The operator has denounced other reports some of if its funds were “stuck” in that country.

Chris Maroleng, Corporate Affairs Executive, MTN Group, said reports attributed to senior executives, purporting the telecommunications company was planning to list were of major concern.

“This is grossly inaccurate,” Maroleng said.

He said the correct comment, as expressed by the Executive Chairman, Phuthuma Nhleko, during last week’s results presentation, was that MTN could consider listing the local operation, MTN Nigeria, not the Group.

“As a result, reports that MTN is considering a secondary listing in Nigeria are misleading,” Maroleng added.

He said also worrying were reports that MTN had US$22 billion stuck in Nigeria.

“This is completely inaccurate,” said Maroleng.

He explained MTN Nigeria had the cash equivalent of approximately R24,6 billion ($1, 595 billion) with some R26,2 billion in debt implying a net debt position of R1,7 billion.

CAJ News

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