Home Big Story MTN Group: We’ve not planned to list on Nigeria Stock Exchange

MTN Group: We’ve not planned to list on Nigeria Stock Exchange

MTN Group: We’ve not planned to list on Nigeria Stock Exchange
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South Africa’s MTN Group and owners of MTN Nigeria has denied media reports that the mobile phone group plans to list on the Nigerian Stock Exchange.

The telecoms company today expressed concern over what it cites as “inaccurate media reporting” of media briefing by last Thursday by Phuthuma Nhleko, Executive Chairman of MTN Group and other top executives of the mobile phone group at the MTN Group Annual Results for the year ended December 31, 2015. [quote font=”georgia” font_size=”20″ font_style=”italic” align=”right” bgcolor=”#” color=”#” bcolor=”#” arrow=”yes”]According to MTN, “the listing of MTN Nigeria, as indicated in the media briefing, remains a consideration, it is not a planned listing, as suggested in some of the media reports. Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.”[/quote]

Mr. Phuthuma Nhleko, Executive Chairman of MTN Group
Allegedly misquoted: Mr. Phuthuma Nhleko, Executive Chairman of MTN Group

“MTN is thus particularly perturbed that despite the extensive engagements in the day, the media coverage around our results has been characterised by grossly inaccurate media reports and misinformation. We are disturbed by this as the issues being misrepresented are very material to our operations and stakeholders” Chris Maroleng, Corporate Affairs Executive, MTN Group, said in a press statement made available to Technology Times.

According to the mobile phone company, “Of particular concern are reports attributed to our senior executives, purporting that MTN Group is planning to list in Nigeria. This is grossly inaccurate. The correct comment, as expressed by the Executive Chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group. As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.”

The mobile phone group says that “the listing of MTN Nigeria, as indicated in the media briefing, remains a consideration, it is not a planned listing, as suggested in some of the media reports. Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.”

The mobile phone company says it is also worried about “reports that MTN has $US22bn stuck in Nigeria. This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6bn with some R26.2bn in debt implying a net debt position of R1.7bn.”

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