SEC approves listing of $56 million MTN Nigeria’s shares

MTN

Nigeria’s Securities and Exchange Commission, the SEC, has just given its approval for listing of MTN Nigeria’s shares on the Nigerian Stock Exchange, NSE.

It would be recalled that MTN Nigeria, a subsidiary of South Africa’s MTN Group Limited had converted itself to a public limited liability company, PLc, in preparation for the listing by introduction on the NSE.

In a statement by the Head, Corporate Communication, SEC, Efe Ebelo later today on Wednesday, he said the commission has approved the listing after MTN had successfully completed the registration of 20,354,513,050 billion ordinary shares of N0.02 kobo.

“The Securities and Exchange Commission, SEC can confirm that the application by MTN Nigeria to list on the Nigerian Stock Exchange by way of introduction has been approved.”

According to Acting Director General of SEC, Ms. Mary Uduk, “MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted”.

MTN had also told the market that it will consider a full-fledged initial public offering, IPO, as soon as market conditions favour such fundraising.

It would be recalled that MTN Group had listed its Ghanian unit but failed to raise up to half of the IPO target amount.