MTN Group is seeking a valuation of about USD 1.4 billion for its unit in Uganda, Bloomberg reported citing people with knowledge of the matter. It will be the nation’s biggest initial public offering, the news agency said. MTN plans to sell 20 percent of the unit and raise about USD 280 million, one of the sources said, asking not to be identified before a public announcement.
MTN plans to invest USD 281 million in three years to expand its coverage in Uganda. The IPO follows listings of MTN’s units in Nigeria, Ghana and Rwanda, which to some extent took place after pressure from government and local regulators, said Bloomberg.
