MTN Nigeria Communications Plc has received the approval of The Nigerian Stock Exchange (NSE) to list its shares on the stock exchange through an introductory listing.
Following the approval, the telecoms giant has fixed Thursday to list its shares on the stock exchange while the price per share has been set at N90.
MTN in a statement signed by its Senior Manager, External Relations, Mr Funso Aina, said it received approval to list on the Premium Board of The Nigerian Stock Exchange (NSE).
The listing, according to the statement, is set to proceed tomorrow and will be done by way of an introductory listing. The listing by introduction means that the shares of existing MTN Nigeria shareholders will be listed without an additional public sale of shares. From this point, all MTN Nigeria shareholders will be free to trade their shares on the NSE.
Commenting on the approval, the CEO of MTN Nigeria, Mr Ferdi Moolman, said: “It gives me great pleasure to confirm that the official listing via the introduction of MTN’s shares on the NSE will take place on Thursday, May 16.”
“We appreciate the continued support afforded us by the government, regulators and people of this great nation. In particular, I would like to thank the staff and management of MTN Nigeria who worked tirelessly to make this day possible. This is just the beginning, we still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity,” Moolman added.
MTN Group Chief Financial Officer (CFO), Ralph Mupita, said: “As MTN Group we are very pleased that we are taking this first and important step towards increasing the local ownership of the company, and building the equity capital markets in Nigeria.”
MTN’s listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.