Vision1 FM                       Light FM                         Light TV

IPO target raised to $787m-MTN

MTN has lifted its target for an upcoming initial public offering(IPO) by more than a half to 3.48 billion cedis ($787 million), according Bloomberg.



Africa’s biggest mobile-phone company by subscribers is preparing to list a 35 percent stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2 billion.

While the bourse estimated the value of the stake at about 2 billion cedis in February, the assessment was raised after a fresh valuation of the company, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter.

The sale is likely to start in April, even though the Securities and Exchange Commission still needs to approve the listing’s prospectus, said the people.

Ten Times

Pala Asiedu-Ofori, a spokeswoman for MTN in the Ghanaian capital, Accra, didn’t answer calls or immediately respond to text messages seeking comment. A spokesman for MTN Group in Johannesburg declined to comment when contacted by phone.

If successful, the share sale will exceed by more than 10 times the Ghana Stock Exchange’s previous biggest IPO, when Agricultural Development Bank Ltd. raised 326 million cedis in December 2016. MTN is listing the stake to meet conditions agreed to in 2015, when it acquired the right to use spectrum that can carry high-speed mobile data for customers.

IC Securities Ghana Ltd. will be the main sponsor for the share sale, people familiar with the matter said last month.



Source: Bloomberg

More Lifestyle..

Black Stars to leave Kenya for Addis Ababa today. Black Stars to leave Kenya for Addis Ababa today. 2018-11-16 - The Black Stars of Ghana will fly out to Addis Ababa later today...
GHC180 given to the Office of the Special Prosecutor to fight corruption. GHC180 given to the Office of the Special Prosecutor to fight corruption. 2018-11-15 -  Office of the Special Prosecutor has been allocated an amount...
Feud between Communication Ministry and BOG over mobile money data. Feud between Communication Ministry and BOG over mobile money data. 2018-11-15 - The Bank of Ghana has refuse to release data on mobile money...
Medeama SC holds a draw against Asante Kotoko. Medeama SC holds a draw against Asante Kotoko. 2018-11-15 - Match report : MEDEAMA SC HOLDS ASANTE KOTOKO TO A STALEMATE...
ASEMPA BUDGET wasn't at the best for business growth - Labour Union ASEMPA BUDGET wasn't at the best for business growth - Labour Union 2018-11-14 - Labour union of the Ghana Federation and other unions have lament...