MTN expects to list Nigerian unit by mid-year

14 Mar 2019

MTN Nigeria, a subsidiary of South African telecoms company MTN Group, expects to list on the local stock exchange within the next few months, Reuters cites the unit’s CEO Ferdi Moolman as saying. Last week the parent revealed that MTN Nigeria expects to list its shares on the Nigerian Stock Exchange (NSE) in the first half of 2019, subject to regulatory approvals, adding that this would be achieved via ‘a listing by introduction’ and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, MTN Group anticipates that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.

MTN Nigeria first revealed in July 2016 that it planned to list its shares on the NSE, as part of a settlement arrangement with the Nigerian government regarding a NGN330 billion (USD913 million) fine handed to the cellco in October 2015 for failing to disconnect around 5.1 million incompletely registered SIM cards.

Nigeria, MTN Group, MTN Nigeria