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MTN Nigeria applies for listing by introduction — SEC

Monday, 6 May 2019

MTN Nigeria applies for listing by introduction — SEC

APRNEWS - The Securities and Exchange Commission (SEC) on Monday said that MTN Nigeria has formally applied for listing by introduction on the Nigerian Stock Exchange (NSE).

Mrs Efe Ebelo, SEC Head, Corporate Communications, who confirmed this, said that the company’s application was presently receiving attention.

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 an introduction which will enable the company to be listed and allow shareholders to sell their shares on the floor of the exchange,” Ebelo said.

Mr Henry Rowlands, SEC Acting Executive Commissioner, Corporate Services, had earlier told the News Agency of Nigeria (NAN) in Lagos that the commission was committed to working with MTN Nigeria.

“SEC is committed to work with them, when they list by way of introduction naturally it will translate to public offering by and large.

It’s better that they come to the market even if it’s by way of introduction because it will encourage other service providers to access the market,” Rowlands said.

NAN reports that MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.

NAN also reports that the conversion was one of the requirements for listing on the exchange.

The company had previously announced that it looked to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.

Speaking on the conversion, Fredi Moolman, MTN Chief Executive Officer, said 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,” Moolman said.

NAN reports that listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the company by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.