MTN sets 2017 date for listing on the exchange

 

  • Names Citigroup, Standard Bank as listing advisers

The most awaited listing of the nation’s leading mobile telecommunications company, MTN, on the Nigerian Stock Exchange (NSE) has began to crystallise as the company has said that the listing would be done in 2017.

Taking some concrete steps towards this, MTN said it has appointed units of Citigroup Inc. and Standard Bank Group Limited as advisers on a planned listing of the wireless company’s Nigeria business on the exchange.

It would be recalled that this s part of a deal it struck with the Federal Government to settle a record its record fine for infraction.

This undertaking forms part of a settlement arrangement with the Federal Government of Nigerian after MTN Nigeria incurred a multibillion-dollar fine for failing to deactivate 5.2-million unregistered cell phone SIM cards by August 2015.

The Nigerian Communications Commission (NCC) reduced the penalty to N330-billion, or $1.67-billion, to be paid in tranches over a three-year period.

MTN Nigeria appointed Stanbic IBTC Capital and Citigroup Global Markets as its joint transaction advisers and joint global coordinators, with Stanbic acting as the lead issuing house.

The company said it would appoint a full syndicate, including Nigerian receiving agents, Nigerian receiving banks and other advisers, in due course.

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