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SEC confirms MTN’s proposed $500m IPO

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Posted on April 26, 2018

The Securities and Exchange Commission (SEC) on Wednesday, confirmed that MTN Group had finally commenced discussions with it on the proposed $500 million dollars Initial Public Offering (IPO) ahead of its listing on the Nigerian Stock Exchange (NSE).

This is coming a week after the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Dambatta, had at a recent briefing in Lagos affirmed that MTN Nigeria would formally list on the Nigerian Stock Exchange (NSE) in 2018 despite  the challenges facing the capital market.

Dambatta, said the share listing on the Nigerian bourse was part of the agreement reached with the telecommunications services provider during negotiations for the debt forbearance granted it after it breached laws bordering on deactivation of unregistered sims.

He said, “we reached an agreement with MTN that listing on the NSE was part of the deal. We know they are listing this year but if they don’t, we would also write to remind them. We will not sit down and watch until they are listed. And going forward also, we will ask for their detailed plans for achieving the listing.”

A senior management staff of SEC told agency reporters in Lagos that MTN had commenced discussion with the Commission on the IPO.

The source noted that although talks were ongoing, the company was yet to formally file its application for the IPO.

He said the Commission was committed to investors’ protection, and that their interest would be protected in the ongoing discussion.

According to source, SEC would remain committed to the development of the nation’s capital market and listing of more multinationals.

Another source at the Nigerian Stock Exchange (NSE), who declined to be mentioned, also told NAN that the NSE had not yet received an official filing from Nigeria’s largest telecommunications operator.

Source:http://sunnewsonline.com/sec-confirms-mtns-proposed-500m-ipo/


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