MTN Nigeria Communications yesterday said it has successfully completed the registration of 20.35 billion ordinary shares of two kobo each with the Securities and Exchange Commission (SEC).
In a statement sent to LEADERSHIP, it said the completion of this process sets in motion the next steps in MTN’s intended listing by introduction on the Nigerian Stock Exchange (NSE).
Speaking on the development, chief executive officer of MTN, Ferdi Moolman, said, “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process.”
Moolman stated recently that said the listing is 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,” he said.
“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.”
Also SEC said it has received an application from MTN Nigeria requesting for registration of its existing securities. Earlier, a statement by SEC said MTN Nigeria has applied for listing by introduction, preparatory to being listed and its shares trade-able on the floor of the NSE.
The application, the commission said is presently receiving attention.
MTN Group has appointed Emir of Kano, Muhammadu Sanusi II, and two others, to its board as part of preparations for the listing and after converting its Nigerian unit into a public company.
The listing on the NSE is a condition for settlement of a $1 billion regulatory fine three years ago by the Nigerian Communications Commission (NCC), primary regulator of the nation’s telecoms sector.
For the year ended 2018, the company had announced the addition of 6 million new subscribers and a revenue of N965 billion. The results, which were announced in March 2019, showed that data revenue grew by 39.3 per cent while internet subscribers grew to 18.7 million.
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 60 million people in communities across the country with each other and the world.
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