Plans by telecommunications firm, MTN Group to raise $500 million from the capital market through an Initial Public Offering (IPO) may have suffered a major setback. A copyright infringement suit demanding account of N112.5 billion revenue generated from alleged passing off of a comedy show has been slammed against the firm before the Federal High Court in Lagos.
Sources within the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) had already confirmed moves by MTN to raise $500 million through the sale of shares in its Nigerian business.
Aside agreeing to list the Nigerian unit as part of the June 2016 agreement to pay $1 billion fine to the Nigerian government for missing a deadline to disconnect unregistered subscribers, MTN had recently appointed an investment firm, Chapel Hill Denham as lead manager for the planned sale of $500million shares in its Nigerian business in 2018.
It was gathered that the telecommunications firm was considering disposing as much as 30 per cent of its Nigerian unit on the NSE, while it had also appointed South Africa’s Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.



Source: https://www.makeitglobal.biz/n112-5b-copyright-mtn/


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