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HTN Towers Plc Halts IPO Plans

HTN Towers plc, an independent telecoms tower operator in Nigeria, announced that it has postponed its plans to proceed with an initial public offering, as it received expressions of interest from potential buyers to acquire the Company.

Pierre Danon, Chairman of the Company, said "The shareholders of the Company have received expressions of interest from potential buyers to acquire the Company. Consequently, the board of the directors of the Company has decided not to proceed with the IPO at this time."

On 23 October 2015, HTN Towers plc said it had planned to proceed with an initial public offering. The Company had intended to target a total free float of 50-60%.

Final pricing and the commencement of conditional and unconditional dealings in the Ordinary Shares on the London Stock Exchange was expected to be in early November 2015.

The company intended to raise proceeds to fund capital expenditures related to the Group's growth strategy of approximately US$125 million.

by RTTNews Staff Writer

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