INTERNATIONAL - MTN Group, Africa’s biggest mobile operator, said on Thursday that it had no plans to sell its investment in online shopping platform Jumia.
This comes after Bloomberg reported that MTN was exploring a sale of shares in Jumia and was considering an initial public offering of the online retailer on the Nasdaq or New York Stock Exchange.
“We currently have no plans to dispose of our investment in Jumia in the short term,” MTN said in an emailed response to questions.
According to the Bloomberg report, MTN was exploring a sale of shares in African online retailer Jumia and valued the company at as much as $1 billion (R14.9bn), this was according to people familiar with the matter.
Africa’s largest wireless carrier is considering an initial public offering of the Amazon.com-style business on the Nasdaq or New York Stock Exchange, said the people, who asked not to be named as the information is not public.
Bloomberg added that an MTN spokesperson said that company has no plans to dispose of its investment in Jumia in the short term.
Jumia and Rocket declined to comment.
- REUTERS AND BLOOMBERG