MTN To List On Nigerian Stock Exchange (NSE)

Spread the love

MTN Nigeria is to be officially introduced on the Nigerian Stock Exchange (NSE) on Thursday 16th of May, 2019 as the telecom company has concluded all relevant processes which will enable it list on the Nigerian bourse, two officials have said.

The telecommunications giant, which is the only one listed in the sector by the Nigerian Stock Exchange gained the maximum 10 percent each of the two days of trading. It was initially listed at N90 on Thursday.

The NSE and MTN officials who pleaded anonymity confirmed the development that the telecom operator’s 20.3billion shares are expected to start trading this week.

‘’Yes, I can confirm that we are listing this Thursday’’, a top MTN official said Trust yesterday. ‘’All I can say is that Nigerian investors will start trading in MTN sometime this week’’, a top NSE official familiar with the MTN listing said.

The telecommunication giant last week said it had completed the registration of 20.3billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). It said the successful completion of the process set in motion the next steps in the company’s intended listing by introduction on the Nigerian Stock Exchange (NSE).

MTN CEO, Ferdi Moolman, said, “I am excited we have achieved another milestone in our listing process, and we want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the NSE to complete the listing process.”

The South African telecoms giant had in April announced its conversion from a private company to a public company. The conversion to a public company is a legal requirement and a key milestone in the preparatory process for MTN’s listing on the NSE, Moolman, had said in a statement in April.

READ  NAFDAC Orders Recall Batches Of Eva Premium Table Water.

Moolman said MTN’s intended listing on NSE would create a new telecom asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity. He had also said it was a re-affirmation of the company’s long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.


Commenting on the development, National Council President, NSE, Abimbola Ogunbanjo, said the course is particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with what he described as a landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria.

He said: “A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders.

“It is our expectation that the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.”

On his part, the Chief Executive Officer, NSE, Oscar Onyema, said, “We are delighted to welcome MTN Nigeria to the Exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.

“As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of the Exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment.

READ  MTN’s proposed public offer, As Nigerians anxiously awaits…

“This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development”.

A statement by the NSE said it will continue to retool itself in many ways to remain an attractive destination for issuers, building a more responsive market, by deploying cutting edge technology for trading and reducing market infractions through improved market monitoring and surveillance.

The NSE also said that it has developed a market structure that has resulted in upscale securities listing such as SAHCOL Plc, the most recent company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an initial public offering and list its shares on The Exchange.

Apart from MTN, the NSE Premium Board features other companies like Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.


Please follow and like us:

Related posts