The Nigerian Stock Exchange (NSE) on Tuesday finally approved the listing of MTN Nigeria shares on the nation’s bourse.
A senior management at the NSE, who pleaded anonymity, told the News Agency of Nigeria (NAN) in Lagos that MTN Nigeria application for listing was approved on Tuesday.
The source said that the company, barring unforeseen circumstances, would be listing a total of 20, 354,513,050 at N90 per share on May 16.
The source told NAN that the company had completed all the necessary steps required by the exchange for listing which led to the approval.
NAN reports that MTN Nigeria shares, when listed at N90 per share, will emerge the second largest company on the nation’s bourse after Dangote Cement with market capitalisation of N1.83 trillion.
The Securities and Exchange Commission (SEC) recently confirmed the approval of MTN Nigeria application to be listed on NSE by way of introduction.
Efe Ebelo, SEC Head Corporate Communications, said that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction.
She said that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
NAN recalls that MTN Nigeria on May 6 filed an application with SEC and the exchange for listing by introduction.
MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.
NAN reports that 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, Fredi Moolman, MTN Chief Executive Officer, 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 had said.
NAN reports that 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.