Why Africa’s biggest telecoms company is listing on the Nigerian Stock Exchange

Motorists drive past a MTN billboard across Lagos-Ibadan expressway on November 15, 2015. AFP PHOTO/PIUS UTOMI EKPEI

(CNN)Africa’s leading telecoms group MTN has listed on the Nigerian Stock Exchange (NSE) in a move that could pave the way for the sale of shares to investors in its biggest market.

MTN, which has its primary listing on the Johannesburg stock exchange, won’t be issuing new shares or raising funds in Nigeria at this stage. But it could do so in the future.

“This is just the beginning, we still intend to pursue a future public offer giving more Nigerians greater access to the MTN opportunity,” the company said in a statement.

With more than 65 million users, Nigeria is MTN’s biggest market in Africa, according to the Nigerian Communications Commission (NCC). Continue reading …

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