MTN registers 20.35bn shares with SEC, preparatory for listing on NSE
MTN Nigeria Communications said it has successfully completed the registration of 20.35 billion Ordinary Shares of two kobo each with the Securities and Exchange Commission (SEC).
The company in a statement on Monday said that the completion of this process sets in motion the next steps in MTN’s intended Listing by Introduction on the Nigerian Stock Exchange (NSE).
Speaking on the development, Chief Executive Officer of MTN, Ferdi Moolman, said, “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process.”
Moolman stated recently that the listing is part of its commitment to localisation in the markets in which it operates. “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” he said.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”
Also, SEC said it has received an application from MTN Nigeria requesting for registration of its existing securities.
Earlier, a statement by SEC said MTN Nigeria has applied for Listing by Introduction, preparatory to being listed and its shares trade-able on the floor of the NSE. The application, the commission said is presently receiving attention.
MTN Group has appointed Emir of Kano, Muhammadu Sanusi II, and two others, to its board as part of preparations for the listing and after converting its Nigerian unit into a public company.
The listing on the NSE is said to be a condition for settlement of a $1 billion regulatory fine imposed on the company three years ago by the Nigerian Communications Commission (NCC), primary regulator of the nation’s telecoms sector.
