Nigeria stock exchange receives MTN listing application, regulator says

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MTN Annual Results at their head office in Johannesburg on Thursday, March 8 2018. CEO,Rob Shuter spoke at the announcement of the results along with CFO, Ralph Mupita. Pic: Waldo Swiegers / Bloomberg

ABUJA, May 6 – The Nigerian stock exchange has received South African telecoms firm MTN’s listing application, the regulator said on Monday.

Two people with knowledge of the matter disclosed the application last week, but the regulator did not confirm the registration until Monday.

Efe Ebelo, SEC Head, Corporate Communications, who confirmed this, said that the company’s application was presently receiving attention.

“SEC can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.

“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange,” Ebelo said.

Henry Rowlands, SEC Acting Executive Commissioner, Corporate Services, had earlier told the News Agency of Nigeria (NAN) in Lagos that the commission was committed to work with MTN Nigeria.

“SEC is committed to work with them, when they list by way of introduction naturally it will translate to public offering by and large.

“It’s better that they come to the market even if it’s by way of introduction because it will encourage other service providers to access the market,” Mr Rowlands said.

NAN reports that MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.

NAN also reports that the conversion was one of the requirements for listing on the exchange.

The company had previously announced that it looked to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.

Speaking on the conversion, Fredi Moolman, MTN Chief Executive Officer, said the listing was part of its commitment to localisation in the markets in which it operates.

“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.

“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.

“We look forward to continuing our engagement with the SEC and NSE to take forward the listing process,” Moolman said.

NAN reports that listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the company by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards. (NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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