MTN To Sell $244m Shares In Nigeria Unit

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MTN Group Ltd. plans to sell shares in the carrier’s Nigeria unit worth about N101 billion ($244 million), continuing a plan to dispose of assets and pay down debt.

Africa’s largest mo­bile-phone operator will offer 575 million shares in MTN Nigeria Communications Plc, which listed in Lagos in 2019, according to a statement on Thursday.

The move is part of a broad­er plan to sell about 14% of the parent company’s holding in its largest and most profitable unit, the group said.

MTN shares rose as much as 3.6% in Johannesburg, the most in almost a month. The stock has surged 138% this year, the best performer on the FTSE/JSE Africa Top40 In­dex, as investors cheer various cash-raising exercises.

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