MTN GROUP, plans to sell up to 575 million shares, through public offer, in Nigeria business market. The South Africa’s telecom giant, last week, reported high third-quarter revenue and profit. MTN plans exiting or reducing its stakes in Uganda and Zambia, according to Reuters.

MTN along with Vodacom Group, controls over [70%] of South African’s mobile market in subscribers.  The sales of shares in MTN Nigeria, will open this month with a book-build to institutional investors, after which a fixed price will be announced for retail investors.

MTN’s main profit climbed to [24.1%[ in the three months leading to September, due to robust demand for data and digital financial services. It added 0.2 million subscribers during the quarter, taking the total to 271.9 million.

MTN extended the contract of its Chief Operating Officer, Jens Schulte-Bockum, by two years leading to 2024.  The company said it was targeting 2021 capital expenditure of 31.1 billion rand; which will be up from a previous outlook of 14.8 billion rand.

“In South Africa, rising unemployment is a concern and may impact growth from prepaid customers in the lower-income segment in the near-term, if measures such as the temporary employee relief scheme are withdrawn”, MTN said.