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MTN Group Deny Reports of $22bn Stuck in Nigeria

The MTN Group has expressed concern over inaccurate media reporting on some of the topics discussed with members of the media at a press briefing held after 2O15 results presentation.

The media session was addressed by Executive Chairman Phuthuma Nhleko and his senior leadership team. The team used the opportunity to address a number of topics, and engage members of the media on matters of interest to them.

“MTN is thus particularly perturbed that despite the extensive engagements in the day, the media coverage around our results has been characterised by grossly inaccurate media reports and misinformation.

We are disturbed by this as the issues being misrepresented are very material to our operations and stakeholders. Of particular concern are reports attributed to our senior executives, purporting that MTN Group is planning to list in Nigeria. This is grossly inaccurate.

The correct comment, as expressed by the Executive Chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group. As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.

Furthermore, the listing of MTN Nigeria, as indicated in the media briefing, remains a consideration, it is not a planned listing, as suggested in some of the media reports. Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.

Also worrying are reports that MTN has $22 billion stuck in Nigeria. This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6bn with some R26.2bn in debt implying a net debt position of R1.7bn”

About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.”

As of 31 December 2015, MTN recorded 232.5 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.

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