The much awaited listing of shares of telecoms giant MTN is now to go ahead after Nigeria’s Security & Exchange Commission, SEC approved the application for its listing on the Nigerian stock exchange.
Speaking on the announcement, MTN CEO, 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.”
This approval granted by SEC means that the shares held by Nigerians in MTN can now be listed on the stock exchange by introduction.
It means that Nigerians who are eager to buy into the success of the country’s largest firm would have to wait even further for an IPO which analysts say will come only after MTN resolves the matter of a hefty $2bn claims brought against it by the attorney general.
According to our investigation, MTN is not seeking to raise funds at this stage and does not aim to create any new shares by way of an IPO while the $2bn case of unpaid taxes against the Attorney General lingers on, sources told BusinessDay.
The acting Director General of the securities and exchanges commission, May Uduk acknowledged to BusinessDay Monday morning that SEC had received an application from MTN for the registration of “its existing shares.”
“MTN is seeking to come to the market by way of an introduction and has asked SEC for an approval to register its existing shares. This is not a complicated process at all and if the documentation submitted by MTN is complete SEC should be able to grant approval for this application within 24-48 hours”, the SEC Director General told BusinessDay.
