MTN Nigeria has announced that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on The Nigerian Stock Exchange (The NSE) as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing.
On 10 June 2016, MTN Nigeria announced that as part of a settlement arrangement with the Federal Government of Nigeria, it would undertake to list its shares on The NSE.
At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.
MTN Nigeria also said in a statement issued by MTN Group’s Corporate Affairs that it has appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) (collectively “Stanbic”) and Citigroup Global Markets Limited (“Citi”) as its Joint Transaction Advisors and Joint Global Coordinators with Stanbic acting as Lead Issuing House.
The telecom giant said a full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course, as appropriate.
The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.
MTN, however, cautioned that: “This press release does not constitute an announcement of an intention to float MTN Nigeria. MTN Nigeria will make further announcements at appropriate intervals on progress in this regard”.
“The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 April 2016, MTN recorded 230.3 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Source: Ghana/ClassFMonline.com/91.3FM
