Telecoms company says it will list on the Nigerian Stock Exchange in 2017

folarin okunola

July 28, 2016 4:53 PM

Mr. Funso Aina, MTN Nigeria’s public relations and protocol manager, in a statement today, said that the planned listing was part of the NCC fine settlement arrangement.

A man speaks on a mobile phone as he walks past a MTN shop at a shopping mall south of Johannesburg June 6, 2012.

Media reports reveal that MTN Nigeria, the South African-based telecommunications giant, has announced that it will list its shares on the Nigerian Stock Exchange (NSE) next year.

Mr. Funso Aina, MTN Nigeria’s public relations and protocol manager, in a statement today, said that the planned listing was part of the NCC fine settlement arrangement with the Federal Government.

“The 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,” Aina said in the statement.

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“At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.”

The telecoms firm said it had appointed Stanbic IBTC Capital Limited and Citigroup Global Markets Limited as Joint Transaction Advisors and Joint Global Coordinators, with Stanbic acting as Lead Issuing House, according to a Nigerian CommunicationsWeek report.

The statement further read, “A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course, as appropriate.

“The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.”

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