MTN finally gets the nod for listing in Nigerian stock market

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THE Nigerian Stock Exchange (NSE) approves the listing of MTN Nigeria shares on the stock market after the company had completed steps required by the exchange for listing.

According to reports from the News Agency of Nigeria (NAN) the listing was one of the conditions reached in the resolution of a N330 billion fine placed on the telecommunications firm by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

With the approval, Tuesday, MTN would be listing 20, 354,513,050 shares at N90 each on Thursday, which  will be the MTN the second largest company on the exchange after Dangote Cement with market capitalisation of N1.83 trillion.

The Head Corporate Communications, Securities and Exchange Commission (SEC) Mrs. Efe Ebelo, who disclosed that SEC confirmed the approval of the application of MTN Nigeria application to be listed on NSE by way of introduction, said that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.

MTN Nigeria had changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.

MTN Chief Executive Officer, Fredi Moolman, said that the conversion was part of its commitment to localisation in the markets in which it operates.

He said: “Our conversion to a Plc is a major step towards listing by introduction on the NSE in the first half of 2019.

“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.”

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