MTN brand equity grosses N1.83 trn
The Nigerian Stock Exchange (NSE), on Tuesday finally approved the listing of MTN Nigeria shares on the nation’s bourse. The company’s shares, when listed at N90 per share, will emerge the second largest company on the nation’s market after Dangote Cement with market capitalisation of N1.83 trillion.
A senior official at the NSE, who pleaded anonymity, told Agency News in Lagos that MTN Nigeria application for listing was approved on Tuesday.
According to the source, the company, barring unforeseen circumstances, would be listing a total of 20, 354,513,050 at N90 per share on 16 May.
The source also revealed that the company had completed all the necessary steps required by the exchange for listing which led to the approval.
A noteworthy fact is that Securities and Exchange Commission (SEC) recently confirmed the approval of MTN Nigeria application to be listed on NSE by way of introduction.
SEC Head, Corporate Communications, Efe Ebelo, said that the commission had approved the company’s application to be listed on the nation’s exchange by way of introduction.
She said that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.
Reports had it that the conversion was one of the requirements for listing on the exchange.
The company had previously announced that it looks to list on the NSE before July, saying it planned to enter the market by way of listing by introduction.
Speaking on the conversion, MTN Chief Executive Officer, Fredi Moolman, 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,” Mr. Moolman had said.
Agency reports revealed that 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.
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