MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped

MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped

LAGOS (Capital Markets in Africa) – MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of almost $14 billion were unfounded and the wireless company hadn’t violated the law. There were no “proofs of collusion to contravene the foreign exchange laws,” a Senate investigative committee said in its report released on Wednesday in the capital, Abuja. “There was evidence of massive capital outflow but that alone is not conclusive that a…

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MTN Focused on Preparing for Nigerian Unit IPO in Six Months

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. “It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are…

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Zambia Seeking Bids for New Mobile Provider to Take on MTN

Zambia Seeking Bids for New Mobile Provider to Take on MTN

LUZAKA (Capital Markets in Africa) – Zambia is seeking bidders for a fourth mobile-network license to take on operators including market leader MTN Group Ltd. in the southern African country, Transport and Communications Minister Brian Mushimba said. The ministry last week gave the go-ahead to the telecommunications regulator to start the process, he said in a recorded response to questions on Monday. The new carrier could be in place over the next six to 12 months and the…

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MTN Drops After Return to Profit Falls Short of Expectations

MTN Drops After Return to Profit Falls Short of Expectations

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s biggest mobile-network operator by sales, fell the most in more than a year after a return to first-half profit after a $1 billion regulatory fine fell short of analyst expectations. Headline earnings per share, which exclude one-time items, were probably 2.10 rand to 2.30 rand in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. Analysts at Citi expected 2.60 rand a share, they…

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Bharti Airtel Bets on Nigeria Broadband to Chase Down MTN

Bharti Airtel Bets on Nigeria Broadband to Chase Down MTN

LAGOS (Capital Markets in Africa) – Bharti Airtel Limited Nigeria unit said a partnership with China’s ZTE Corp. to provide 4G high-speed broadband will see it add subscribers and narrow the gap with market leader MTN Group Ltd. in Africa’s most populous country. The Indian company is seeking “to lead the industry in terms of new customer acquisition,” Chief Executive Officer Segun Ogunsanya said in an interview in Lagos, Nigeria’s commercial hub. Airtel will start to move subscribers to…

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