The Nigerian Stock Exchange, NSE said it has postponed the listing of Airtel Africa over its inability to meet up with the listing requirements.
The NSE said in a statement that:
“The Nigerian Stock Exchange has postponed the planned listing of Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc until Monday 8th July 2019.
“The NSE disclosed that the postponement was necessitated by ensure that the Company meets all the post NSE approval pre-requisites for listing on the NSE. However, the Facts Before the Listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019.:
In the meantime, the company’s Facts Behind the Figure will hold later today on the floor of the Nigerian Stock Exchange,” the exchange said in a statement.
The latest decision by the NSE is slightly contradicting its decision to grant a waiver for Airtel to go ahead with its listing despite not having up to 300 shareholders.
India’s Bharti Airtel had announced its plan to execute a dual listing on the London Stock Exchange and the NSE. It was a move planned to reduce debt overload of Nigeria’s second largest mobile carrier.
While its London IPO ended up to be a huge disappointment with 16% drop in its share price on the first trading day, its Nigerian listing already looking like a déjà vu of its London IPO.
Airtel is Nigeria’s third-largest mobile carrier with about 38 million subscribers and also with major exposure to West and East African countries.