MTN is looking to divest a 35% stake in its Ghanaian unit in order to comply with regulatory criteria regarding its 4G spectrum holding.
The Ghanaian director general of the Securities and Exchange Commission Adu Antwi confirmed that the operator had submitted a prospectus relating to the sale of shares in MTN Ghana. The company is looking to raise around $500 million in the sale.
MTN Ghana leads the Ghanaian market with 18 million connections. The operator last year acquired a 15-year 4G spectrum licence for $67.5 million, but agreed to the stipulation that Ghanaian investors would own 35% of the business.
As it must now bring MTN Ghana’s ownership in line with these criteria, the South African firm is believed to be looking to wealthy individuals in Ghana to address the issue.