Friday, 29 July 2016

MTN to list on Nigerian Stock Exchange in 2017

As part of a settlement arrangement reached with the Federal Government, MTN Nigeria has declared that it will list its shares on the Nigerian Stock Exchange next year.

A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers will be appointed “in due course”, the company said, maintaining, however, that the proposed listing “would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders”.

It had earlier announced its intention to list after the reduction of its fine by the Nigerian Communications Commission (NCC) but did not give a specific time.

MTN Nigeria’s fine for failing to disconnect unregistered subscribers was reduced from N1.4 trillion to N330 billion after a series of negotiations. It then announced that as part of the settlement arrangement, it would list its shares on the NSE “as soon as commercially and legally possible”.
“MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing. At present, MTN Nigeria is targeting that the listing takes place in 2017, subject to suitable market conditions,” the statement from its group corporate affairs said.

Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited have been appointed as the joint transaction advisors and joint global coordinators for the listing. Stanbic will be the lead issuing house.

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