MTN Nigeria listing set for Thursday, valuing it over R70bn

MTN Group  said its long-awaited Nigerian listing will go ahead on Thursday with the price set at 90 naira (about R3.55) per share.

The price was determined by referencing private share sale transactions by MTN Nigeria shareholders over the past 180 business days, according to the Johannesburg-based company.

Africa’s biggest mobile-phone company registered 20.35 billion ordinary shares with Nigeria’s Securities and Exchange Commission last week.

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It plans to list around 20% of those on the bourse. The listing price gives the unit a market value of as much as 1.8 trillion naira, making it the second-biggest public firm in Africa’s main oil producer after Dangote Cement Plc. It will be the largest when measured by revenue.