{"id":227139,"date":"2018-02-22T08:47:53","date_gmt":"2018-02-22T06:47:53","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=227139"},"modified":"2018-02-22T08:47:53","modified_gmt":"2018-02-22T06:47:53","slug":"mtn-ghana-ipo-a-step-closer","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/227139\/mtn-ghana-ipo-a-step-closer\/","title":{"rendered":"MTN Ghana IPO a step closer"},"content":{"rendered":"<div class=\"article-content\">\n<p>MTN Group\u2019s Ghanaian unit appointed local brokerage IC Securities Ghana Ltd as its main sponsor for an upcoming initial public offering in the West African nation, according to five people familiar with the matter.<\/p>\n<p>Africa\u2019s biggest mobile-phone company by subscribers is preparing to raise as much as 2 billion cedis ($447 million) through listing 35% of the subsidiary on the Ghana Stock Exchange in what will be the largest share sale in the country\u2019s history.<\/p>\n<p>The sale will help MTN meet conditions agreed to in 2015 when it acquired the right to use spectrum that can carry high-speed mobile data for customers.<\/p>\n<p>MTN and the Securities and Exchange Commission, the market regulator, are still in talks to finalize the sale\u2019s prospectus, said two of the people, who asked not to be identified because a public announcement hasn\u2019t been made.<\/p>\n<p>MTN is expected to submit a final draft within two weeks, they said.<\/p>\n<p>IC Securities managing director Kwabena Osei-Boateng didn\u2019t respond to emailed questions and wasn\u2019t immediately available to take a call for comment. Pala Asiedu-Ofori, senior manager for MTN Ghana\u2019s corporate services office, declined to comment to a text message.<\/p>\n<p>MTN was granted a 15-year license for fourth-generation spectrum on condition that\u00a0Ghanaian investors own 35% of the business.<\/p>\n<p>IC Securities was the main sponsor for an initial public offering by Agricultural Development Bank Ghana which raised 326 million cedis in December 2016.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/mobile\/223970\/mtn-plans-to-raise-r6-billion-from-the-sale-of-shares-in-its-nigerian-business-report\/\" target=\"_blank\" rel=\"noopener\">MTN plans to raise R6 billion from the sale of shares in its Nigerian business: report<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MTN Group\u2019s Ghanaian unit appointed local brokerage IC Securities Ghana Ltd as its main sponsor for an upcoming initial public offering in the West African nation, according to five people familiar with the matter.<\/p>\n","protected":false},"author":59,"featured_media":214971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[28],"class_list":["post-227139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile","tag-mtn"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/227139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=227139"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/227139\/revisions"}],"predecessor-version":[{"id":227143,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/227139\/revisions\/227143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/214971"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=227139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=227139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=227139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}