MTN Nigeria Considers Listing Shares On Nigerian Stock Exchange Next Week

MTN’s Nigerian unit is reportedly toying with the idea of listing its shares in Lagos next week, according to two industry insiders close to the matter.

Africa’s biggest mobile-phone company could possibly go ahead with the placing on the 16th of May, said the sources, who requested not to be named as the matter is still private. However, the move could be delayed as MTN still needs to complete some steps that are required by the Nigerian Stock Exchange.

MTN Nigeria’s head of corporate relations, Tobechukwu Okigbo confirmed that MTN Nigeria plans to secure a market listing soon but did not disclose the exact date scheduled for the listing.

The mobile operator registered approximately 20.35 billion ordinary shares with Nigeria’s Securities and Exchange Commission earlier this week. It plans to list 20% of those on the stock market, and they would trade at 80 naira to 90 naira, according to one of the sources.

That would give MTN a market value of around 1.8 trillion naira ($5.1bn), catapulting it into the second-biggest public firm in Nigeria after Dangote Cement.
It would, in fact, be the largest when measured by revenue.

MTN agreed to list on Nigeria’s stock market as part of the settlement of a reduced $1bn fine in 2016.

The mobile giant remains embroiled in a legal battle with Nigeria’s Attorney General over a $2bn tax claim, the latest in a long string of its disputes in the country.

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