MTN to List on the Nigerian Stock Exchange in 2017

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Telecommunications giants, MTN Nigeria has announce the decision to list its shares on the Nigerian Stock Exchange in 2017, the cableng is reporting.

The information is contained in a statement by the company. It states “MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on 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.

At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.”

The announcement, according to market observers, is in partial fulfillment of the company’s bargain arrangement with the Federal Government.

Recall that MTN earlier announced its intention to list after the reduction of its fine by the Nigerian Communications Commission (NCC) but did not give a specific time.

Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited have been appointed as the joint transaction advisors and joint global coordinators for the listing.Stanbic will be the lead issuing house.

A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers will be appointed “in due course”, the company said.

It also indicated that the proposed listing “would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders”.

Analysts are of the opinion that the listing is expected to boost the Nigerian capital market and create wealth for Nigerians since MTN Nigeria is the biggest telecommunications operator in Nigeria.