Nigeria’s stock market regulator has approved MTN Nigeria’s application to list on the Nigerian Stock Exchange.
SEC explains that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction-adding that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
Chief Operating Officer, InvestData Ltd, Ambrose Omordion, says the July target for MTN Nigeria’s listing would be feasible with the approval, noting that the listing might be concluded before the date.
Prior to the application, MTN Nigeria had 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 planned to list on the NSE before July by way of listing by introduction.
Speaking on the conversion, Fredi Moolman, MTN’s Chief Executive Officer, says the listing was part of the company’s commitment to localisation in the markets in which it operates.
“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 says.
News Central reports that listing on the NSE was one of the conditions reached in the resolution of a ₦330 billion fine placed on the company by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.