MTN Group’s Nigerian unit shares jumped as they began trading in Lagos, a step toward a partial sale of a majority 79% stake owned by Africa’s largest wireless carrier.
MTN Nigeria Communications rose 10% to 99 naira as of 2:19 pm, giving it a market value of 2.01 trillion naira ($5.6 billion). That makes the mobile-phone company the second-biggest listed firm in Africa’s most populous country, behind only Dangote Cement, the main asset of billionaire Aliko Dangote.
MTN agreed to an IPO of its Nigeria business as part of the settlement of a reduced $1 billion fine in the country in 2016. In a first step, Nigerian investors who previously bought and sold their shares occasionally over the counter can now trade over the Nigerian Stock Exchange.