MTN Nigeria, the biggest telecommunication company in Nigeria, has started the groundwork for listing its shares on the Nigerian Stock Exchange (NSE).
The telco announced that it will list by introduction on the stock market and has therefore, converted to Plc as part of the regulatory requirements for listing.
Commenting on the announcement, the MTN Chief Executive Officer, Ferdi Moolman, said, “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.
“We look forward to continuing our engagement with the Securities and Exchange Commission and NSE to take forward the listing process.”
According to the NSE website, Listing by Introduction “is when your company’s shares are listed without a prior IPO. The company would usually have raised capital prior to applying to list, and also must meet the listing requirements – including a minimum number of public shareholders (300 to list on the Main Board; 51 to list on the ASeM) and minimum public float (20% for the Main Board; 15% for ASeM).”
A listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine slammed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect unregistered or inappropriate SIM cards.
