Africa’s biggest mobile network MTN has denied media reports of plans to list in Nigeria.
Last week Thursday MTN released its full-year financial results which pointed to a 51% drop in profit amid the company setting aside R9.29bn for its record $3.9bn Nigeria fine.
Following the media briefing, reports suggested that the giant mobile operator had hinted at a secondary listing in Nigeria.
MTN Group spokesperson, Chris Maroleng, in a statement said, this was “grossly inaccurate”.
Maroleng said MTN was particularly perturbed that despite the extensive engagements in the day, the media coverage around MTN results had been characterised by grossly inaccurate media reports and misinformation.
“The correct comment, as expressed by the executive chairman, is 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,” Maruleng said.
Maroleng further said the listing of MTN Nigeria remains a consideration, not a planned listing, as suggested in some of the media reports.
Maroleng also said reports that MTN had 22 billion dollars stuck in Nigeria were worrying.
“This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6 billion with some R26.2 billion in debt implying a net debt position of R1.7 billion,” Maroleng said.
MTN is Africa’s biggest mobile network with over 230 million subscribers in 22 countries across Africa and the Middle East.

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