South African telecoms firm MTN has applied with Nigeria’s securities regulator to list shares in its local unit on the country’s bourse.
Nigeria is the biggest market for Africa’s largest telecoms firm, with 52.3 million users in 2017, and accounts for a third of the company’s annual core profit. However, it has proven problematic in recent years.
In 2016 the firm said it would list its local unit on the Nigerian Stock Exchange after agreeing to pay a reduced fine of $1.7 billion in a settlement with the Nigeria’s government over unregistered SIM cards. It has said it planned to list on the Nigerian bourse in the first half of 2019.
Last week MTN said it had converted its Nigerian unit into a public company ahead of its planned listing. It said the conversion was a legal requirement to prepare for the listing.
The company expects to list the unit without raising money from investors immediately, and has said it would simplify its capital structure before the listing.
Related posts:
MTN registers 20.35bn shares with Securities and Exchange Commission
Nigerian Stock Exchange to list MTN shares today
China securities regulator approves 10 IPOs to raise up to 4.9 billion yuan
MTN Nigeria yet to file IPO application – Securities Exchange Commission
MTN confirms EFCC investigating its listing on NSE – MTN
Market gains N1.9trillion as MTN lists 20.35 billion shares on the NSE
DMO to list Sukuk, FMDQ on Securities Exchange
MTN says $10.1 billion Nigeria demand makes local listing challenging
