MTN is finally preparing the listing of its shares on the Nigerian Stock Exchange, NSE. The company said it has appointed Stanbic IBTC Capital Limited to facilitate the process.
The company said Stanbic IBTC Capital Limited would be exercising the mandate together with its affiliates, such as Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited.
The team will function as Joint Transaction Advisors and Joint Global Coordinators, with Stanbic acting as Lead Issuing House, would also include Nigerian receiving agents, banks and other advisers to be appointed in due course, as appropriate.
“MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on The NSE”, the telecoms firm said on Thursday in a statement.
As part of preparations, it said it had established a management task team charged with the responsibility of guiding it towards a listing targeted to take effect in 2017.
The proposed listing, the MTN Group said, would however be “subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.”
During its last conference call to investment analysts, MTN had hinted that it would not hesitate to list on the NSE if the conditions are right. The company decision to list locally was based on its ‘conciliatory’ approach to solving its dispute with Nigerian government.
MTN confirmed in June that it has so far paid NGN80 billion out of its NGN330 billion fine. MTN also said it has paid another NGN18.9 billion for a 10 year license. The company has also appointed Rob Shuter as its group CEO to further stabilise the company’s leadership.
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