We haven’t received any shares listing application from MTN yet – SEC

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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

The nation’s capital market operators, the Securities and Exchange Commission (SEC), has stated that it has not received any filing for listing on the floor of the Nigerian Stock Exchange (NSE) from the management of telecommunication giant, MTN Nigeria.

Mr. Ferdi Moolman, MTN Nigeria Chief Executive Officer, during an interaction with journalist in Lagos, said the company, after several postponements, is ready to list on the local bourse before May this year.

Ms. Mary Uduk, the Acting Director General of SEC, disclosed this at the press briefing after the first Capital Market Committee (CMC) meeting held in Lagos on Friday.

Uduk said the telecoms giant have not done the necessary things expected from a company that intend to list on the floor of the NSE.

Her words: “There is a process for coming to the market. They have not filed any application. There is the need to file application for the listing by introduction before thinking of listing its shares on NSE. It is when they come that we will know what they want.”

Moolman had informed that the listing is going to be in two tranches as the company will first list by introduction while the initial public offer (IPO) will come later.

MTN’s move to list is being reiterated shortly after the company announced its results for the year ended December 2018, with a recorded N453.1 billion Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in 2018.

Moolman said the company has been putting things in place to ensure that its listing process would be hassle-free.

“We have been putting things in place to ensure that our listing is very successful. That is one of the reasons for the delay of our coming to the market. But from the look of things, I believe that we will register our presence before May this year,” he said.

The Acting DG, while speaking on what the year 2019 has in stock for the capital market, said the year promises to be an interesting one for the Nigerian capital market as SEC intends to undertake a review of the 10-year Nigerian Capital Market Master Plan.

“This review is intended to align the master-plan with current realities on macroeconomic, political and market development fronts. Meanwhile, the Commission has approved the rules on Green Bonds, and would in the nearest future introduce the rules on derivatives trading. We believe all these are necessary to move our sector forward”, Uduk stated.

Speaking on resolutions at the meeting, Uduk said commission has made progress in attempting to resolve the issues around transmission of shares related to the estate of deceased investors.

This process, she added, has commenced with the Lagos State Probate Registry and the Commission, with the support of relevant stakeholders, shall carry out an engagement/enlightenment programme for the probate registry.

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