Audio By Carbonatix
MTN Group Ltd. plans to sell shares its Ghanaian business as Africa’s largest wireless carrier by sales fulfills a condition related to the allocation of internet spectrum in the country.
The company has submitted a prospectus to Ghana’s securities regulator and plans to sell 35 percent of the business, Adu Anane Antwi, director general of the Securities and Exchange Commission, said by phone on Wednesday.
The Johannesburg-based mobile provider plans to raise $500 million from the sale and is approaching wealthy individuals in the West African country, according to people familiar with the matter.
The sale would help MTN meet conditions it agreed to last year when it spent $67.5 million for the right to use spectrum that can carry high-speed mobile data for customers in Ghana.
The company was granted a 15-year license for fourth-generation spectrum on the condition that 35 percent of the business would be owned by Ghanaian investors.
A representative of MTN declined to comment.
MTN said earlier this month it raised more than $1.3 billion from loan agreements as it works to improve its debt structure and support its credit rating.
MTN’s move to attract funding comes after the company reported its first-ever half-year loss in August, partly caused by an agreement to settle a record 330 billion naira ($1.1 billion) fine in Nigeria for missing a deadline to disconnect customers.
MTN said is “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country over 10 years as the company tries to quell the latest controversy in its largest market.
Latest Stories
-
I do not see myself as better than anyone – NPP’s 1st Vice Chair Kojo Bamba
12 minutes -
Police blur the line between invitations and arrests – Reindorf Twumasi Ankrah
46 minutes -
Turning invitations into arrests is making citizens reluctant to assist police – Twumasi Ankrah
1 hour -
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
2 hours -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
3 hours -
Young woman found dead at Kasoa Peace Town
3 hours -
Playback: The Law examined lawful arrest in Ghana
4 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
4 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
4 hours -
Aksa Energy delegation pays courtesy call on GRA Commissioner-General
4 hours -
‘No talent should be left out’ – Bawumia pledges inclusive NPP campaign for 2028
4 hours -
Prof. Mike Oquaye recounts how he blocked the Special Prosecutor’s attempt to arrest Bawku Central MP
5 hours -
Make health sovereignty a priority for Africa – Mahama
5 hours -
Dorimon Naa, Wa West DCE lead massive clean-up exercise; threaten sanctions against recalcitrant residents
5 hours -
Photos from Adom FM Y2K Jam
5 hours