MTN has applied for listing on stock market, SEC confirms

The Securities and Exchange Commission has confirmed that MTN Nigeria has formally applied for listing by introduction on the Nigerian Stock Exchange (NSE).

This was made known by the Head of Corporate Communications of the Securities and Exchange Commission (SEC), Mrs. Efe Ebelo in Abuja.

According to her:  “The Securities and Exchange Commission, SEC, can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.

“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange.

It would be recalled the telecoms giant recently changed its status from a private company to a public liability company ahead of its listing on the exchange.

Also, as a way to resolve the N330 billion fine placed on MTN by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards, listing on the NSE was one of the conditions reached.

The listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in MTN investment opportunity.

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The Chief Executive Officer of MTN Nigeria, Mr. Fredi Moolman, who made the announcement, said that the listing was part of its commitment to localisation in the markets in which it operates.

“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 SEC and NSE to take forward the listing process,” he said.