MTN may list shares on Nigerian bourse next week


MTN Nigeria may list shares in Nigeria Stock Exchnage (NSE) next week, two sources familiar with the matter said yesterday.

Africa’s biggest carrier could go ahead with the placing on May 16, said the people, who craved anonymity.

”We don’t have a specific date, we are looking at some time before the end of this quarter,” Head, Corporate Relations at MTN Nigeria, Tobechukwu Okigbo, was quoted to have said by phone.

Meanwhile, to further clear the coast for the telco, the Securities and Exchange Commission (SEC) confimed its approval of the telco’s application to register its existing securities.

A statement by SEC Head of Corporate Communications, Mrs. Efe Ebelo, explained that the Acting Director General of SEC, Ms. Mary Uduk, confirmed the approval.

“MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted.

“This is a further indication of the determination by the the SEC to work with companies that are interested in the capital market. We believe that this will also encourage other service providers to come to the market,” the statement read.

SEC received the application from the company last week to register their existing securities.

MTN Nigeria registered 20.35 billion ordinary shares with the country’s Securities and Exchange Commission this week. It plans to list around 20 percent of those on the bourse and they could trade at between N80 and N90, said one of the people. That would give the unit a market value of as much as N1.8 trillion ($5.1 billion), making it the second-biggest public firm in Africa’s main oil producer after Dangote Cement Plc. It will be the largest when measured by revenue.

MTN agreed to an initial public offering of its Nigeria business as part of the settlement of a reduced $1 billion fine in the country in 2016. The listing planned for next week is the first of two stages, with a selldown of MTN’s majority stake to take place at a later date.

The carrier appointed former Central Bank of Nigeria (CBN) Governor Lamido Sanusi, who’s now the Emir of Kano, to its board last week in preparation for the listing.

MTN remains locked in a

Previous articleNigeria mulls investors to13bln barrels as revenue from deep water operations exceeds $180b
Next articleLagos targets 15,000 youth employment with USADF $10m deal
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

This site uses Akismet to reduce spam. Learn how your comment data is processed.