MTN Nigeria is to be officially introduced on the Nigerian Stock Exchange (NSE) on Thursday as the telecom company has concluded all relevant processes which will enable it list on the Nigerian bourse, two officials have said.
The NSE and MTN officials who pleaded anonymity confirmed the developmednt 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.
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.