MTN Nigeria: ‘Market conditions’ to determine listing on Nigeria Stock Exchange
South Africa’s MTN Group says that listing of MTN Nigeria on the Nigerian Stock Exchange will be determined by ‘market conditions.’
MTN Nigeria is on the way to be listed on the Nigerian Stock Exchange by 2017 as part of settlements agreed with the Federal Government of Nigeria, the mobile phone group said today. The deal with government followed the unprecedented N1.04 trillion fined the mobile phone company for unregistered subscribers.
”MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on The NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing”, MTN said today in a statement made available to Technology Times.
”At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions”, it adds.
The mobile phone company further announce that ”Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited have been appointed as the joint transaction advisors and joint global coordinators for the listing.Stanbic will be the lead issuing house”.
A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers will be appointed “in due course”, according to the mobile phone company which maintains that the proposed listing “would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.”
MTN Nigeria’s fine, imposed by the telecoms industry regulator failing to disconnect unregistered subscribers was reduced from N1.4 trillion to N330 billion, after a series of negotiations with the Nigerian government.