MTN’s listing on NSE may be stalled
The proposed date for listing by MTN Nigeria on the Nigerian Stock Exchange (NSE) is likely to change. The scheduled 16 May date may no longer be achievable as the telco will have to get all necessary approvals to every document relating to the new status within two days.
Reports had it that Africa’s telco giant could go ahead with the placing on Thursday, 16 May, attributing the information to the people who sued for anonymity. It was, however, revealed that MTN’s attempt could be stalled as some requirements by the Nigerian Stock Exchange had not yet been met.
According to an insider information, the purported 16 May is just one out of the four dates in consideration
for the listing by introduction at the NSE.
“It is one of the dates we have in view; we have a total of four dates. People have been working tirelessly on this listing. I can tell you that everybody has been working towards achieving the first date. But the date is just one of the four,” the source said.
What’s more, the MTN listing has not been published on the NSE website, as at press time, in line with its tradition of announcing upcoming events on its (NSE) platform.
In a similar, vein, according to a close source at NSE, “There are still some approvals that Securities and Exchange Commission (SEC) has to make relating to MTN listing on the NSE. SEC has just registered the shares but MTN also needs to meet some requirements of the NSE. For us here, it is a very busy period and we are ready to make it (the listing) happen on that date if they (MTN) get necessary approval.”
MTN Nigeria recently registered 20.35 billion ordinary shares with the country’s Securities and Exchange Commission. It plans to list around 20 per cent of those on the bourse and they could trade at N80 to N90. That would give the unit a market value of as much as N1.8 trillion ($5.1 billion), making it the second-biggest public firms in Africa’s main oil producers after Dangote Cement Plc. It will be the largest when measured by revenue.
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