MTN Nigeria Ready To List Shares On NSE 2017

Posted by African Examiner Banking & Finance, Business News, Featured, Latest Headlines Thursday, July 28th, 2016

By Seun Adebosin

(BALTIMORE, MD AFRICAN EXAMINER) – South African Telecommunications multinational – MTN Nigeria, has indicated readiness to list its shares on the Nigerian Stock Exchange (NSE).

The company’s resolve on the move was contained in a statement issued Thursday and signed by its Public Relations and Protocol Manager, Mr. Funso Aina.

Aina informed that the impeding listing which is targeted at next year (2017) was part of a settlement arrangement with the Federal Government (FG). The telecoms giant however added that the exercise was subject to the suitable market conditions.

The statement explained that the Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE as soon as it is commercially and legally possible, and “has established a management task team with the responsibility to guide the company towards a listing”.

‎In the meantime, MTN Nigeria has hinted that it had appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) (collectively “Stanbic”) and Citigroup Global Markets Limited (‘Citi’) as Joint Transaction Advisors and Joint Global Coordinators, with Stanbic acting as Lead Issuing House.

The multinational also confirmed that a full consortium including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course, as appropriate, adding that the proposed listing would also be subjected to the “appropriate approvals from relevant regulators and other stakeholders.”

It would be recalled the company early in the year was slammed with a fine of $5.2 billion by the Federal Government (FG) for failure to meet with the Nigeria Communications Commission (NCC) directive on SIM card registration, an infringement which was said to have aided activities of the Boko Haram insurgents in the North eastern Nigeria.

It was then fined with the sum of $1,000 for each of its 5.2 million existing subscribers.

However, the fine after series of overtures and many diplomatic moves between South Africa and Nigeria was slashed to N330 billion, payable within three years.