The Securities and Exchange Commission (SEC) has said that it has approved MTN Nigeria’s application to list on the Nigerian Stock Exchange (NSE) by way of introduction.
Efe Ebelo, the SEC head, corporate communications, confirmed this to the News Agency of Nigeria (NAN) in Lagos.
Ebelo said the commission has approved the company’s application to be listed on the nation’s bourse by way of introduction.
She said that the company has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
MTN Nigeria had on May 6 filed an application with SEC and the exchange for listing by introduction.
SEC recently said that it received an application from MTN requesting registration of their existing securities.
“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange,” Ebelo said.
The SEC Acting Executive Commissioner, Corporate Services, Mr Henry Rowlands, told NAN that the commission was committed to work with MTN Nigeria.
“SEC is committed to work with them, when they list by way of introduction naturally it will translate to public offering by and large.
“It’s better that they come to the market even if it’s by way of introduction because it will encourage other service providers to access the market,” Rowlands said.
Reacting to the approval, the Chief Operating Officer, InvestData Ltd, Mr Ambrose Omordion, commended SEC for the speedy approval.
Omordion said that MTN Nigeria July target for listing would be feasible with the approval, noting that the listing might be concluded before the target date.
NAN reported that MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.
The conversion was one of the requirements for listing on the exchange.
The company had previously announced that it looks to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.
Speaking on the conversion, the MTN Chief Executive Officer, Fredi Moolman, said the listing was part of its commitment to localisation in the markets in which it operates.
“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.
“We look forward to continuing our engagement with the SEC and NSE to take forward the listing process,” Moolman said.
The listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.