MTN holding talks with Nigeria’s SEC over N500m IPO

A source at the Security and Exchange Commission (SEC) says MTN has reached out for talks over its Initial Public Offering (IPO) on the floor of the Nigerian Stock Exchange.

A senior management staff at the SEC told the News Agency of Nigeria (NAN) that the commission was committed to investors’ protection and that their interest would be protected in the ongoing discussion.

The company has been making moves to prepare its listing on the stock exchange market.

The firm engaged Standard Bank Group Ltd. And Citigroup Inc. on the disposal of up to 30 percent of its Nigerian unit on the NSE.

An indigenous investment firm, Chapel Hill Denham, was appointed by MTN as the lead manager for the planned sale of its shares. South African financial companies, Rand Merchant Bank, Renaissance Capital and Vetiva Capital were also named as joint issuers to the offer.

Seven other firms were chosen as placement agents to market the shares. A source at NSE informed NAN that no filing has been made by the telecommunication multinational yet.

Credit: NAN