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MTN Group is moving ahead with plans to list its Nigerian unit, the latest being the recent interviews held with predominantly Nigerian financial advisers over the weekend.
Following the interviews held last weekend, MTN will in next ten (10) days appoint the successful advisers to the Nigerian listing, “they will be predominantly Nigerians firms,” a source close to the development told BusinessDay.
The new high of circa 10 percent reached by Nigeria’s stock market forced earlier advisors to proposed MTN Nigeria shares listing to re-enter their boardrooms for updated valuations for the proposed sale.
MTN Group plans to list its Nigerian unit on the Premium Board of the Nigerian Stock Exchange (NSE) which has the likes of Dangote Cement Plc, Zenith Bank Plc and FBN Holdings Plc.
The much expected initial public offering (IPO) is not expected to exceed June 2018.
Ahead of that target month, MTN Group hopes to get all necessary approvals for the listing including that of the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE).
MTN Group agreed to list the Nigerian unit on the Nigerian Stock Exchange this year as part of a June 2016 agreement to pay a $1 billion fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.
Gbenga Oyebode, a renowned lawyer and boardroom guru was also appointed chairman of the board committee on MTN floatation.
Standard Bank Group Limited and Citigroup Incorporated had been advising Africa’s largest mobile-phone company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange.
MTN Group had planned extensive local marketing to target Nigerian investors as part of a retail offer and institutional book-build, which may also involve selected international institutions.
MTN Group said in a note preceding its recently released financials for the year ended December 31, 2017 that the application to the Nigerian Stock Exchange (NSE) will commence in due course and “management has already initiated its Corporate Governance Rating Scoring with the NSE with a view to listing on the NSE’s Premium Board.”
The Nigerian stock market rose by 42percent last year.
MTN crossed major huddles to the Nigeria unit listing after three different Emergency General Meetings (EGMs).
At the meetings, the group got the nod of different categories of shareholders to proceed for the listing on the Nigerian Stock Exchange (NSE) as soon as mid-2018.
At the latest Emergency General Meeting, issues of complaints by different categories of shareholders and that of shares managed by IBTC, among others were resolved.
IHEANYI NWACHUKWU
