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MTN Group Limited could cash in from an initial public offering (IPO) of Africa’s largest telecommunication towers company by selling a stake valued by the wireless carrier at about 27 billion rand ($2.3 billion). According to Bloomberg, IHS Towers, of which Johannesburg- based MTN owns about 29 per cent, is planning an IPO in New York, people familiar with the matter said last year.

If the tower operator goes ahead with the share sale and the valuation is appropriate, MTN will look to sell out, Chief Financial Officer Ralph Mupita said in an interview.

“It is not strategic to lock up so much capital,” the CFO said. While MTN’s stake in IHS Towers is important, its been earmarked by the company as an asset for sale, he said. IHS, Helios Towers Africa LLP and Eaton Towers Ltd. are all looking to take advantage of high industry valuations to sell shares and fund expansion, the people familiar with the situation said last November.

Helios confirmed the plans earlier this month, saying it would seek an IPO in London and Johannesburg and expects at least 25 per cent of its shares will be freely traded after the sale. IHS Towers declined to comment.

MTN, Africa’s largest mobilephone company by sales, is planning to cut its debt, Mupita said. Borrowings rose to 57 billion rand ($4.8 billion) in 2017 from 52 billion rand the previous year. The shares rose 1.2 per cent to 133.60 rand in Johannesburg, valuing the company at 252 billion rand. IHS is owned by French investment firm Wendel SA and Goldman Sachs & Co. as well as MTN.

MTN recently said it plans to list its Nigerian unit worth $5.23 billion by July in a debut IPO on the Lagos bourse and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters. MTN aims to raise at least $400 million from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission (SEC) to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said.

Nigeria’s biggest telecoms operator plans to go on roadshow between May and June 2018, according to the presentation and list on Nigeria’s bourse between June and July. It will now need to appoint professional parties to the offer

. MTN Nigeria has around 402 million shares in issue, the same amount in preference shares, which it sold at $0.99 in 2007. As part of the IPO it would split one share into 50 units, to create 20 billion shares, which would be listed on the bourse and set the IPO price via book building.

MTN declined to comment on the IPO. IPOs dried up in Nigeria after a 2008 crash wiped more than 60 per cent off the stock market’s capitalisation.

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