MTN Files Application For Public Listing With NSE, SEC
MTN Group Plc has filed an application for public listing with the Securities and Exchange Commission and the Nigerian Stock Exchange.
The company applied for registration of shares and a listing on the NSE.
SEC confirmed in a statement on Monday that the commission had received an application from the telecom giant.
The statement read in part, “The Securities and Exchange Commission can confirm that we are in receipt of 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 to sell their shares on the floor of the Exchange.”
It added that the application was already receiving attention.
The Nigerian Stock Exchange, as reported by Reuters, said it had received and confirmed MTN’s application to list.
MTN had earlier converted its Nigerian unit into a public company from a private one before the planned listing on the Exchange.
It said the conversion was a legal requirement to prepare for the listing, adding that it was engaging with SEC and the NSE on its planned listing.
The President/Chief Executive Officer, MTN Group, Mr Rob Shuter, said the move would enable the company to get listed easily, adding that findings showed that the free float in the Nigerian market would be about 35 per cent.
Shuter said the phase one of the listing was expected to be completed by the first half of 2019, adding that the shares of the company would be open to Nigerian investors as part of the second phase of the listing.
The plan of the telco to raise about $500m from the sale of shares in its Nigerian unit during the first half of this year is part of the agreement it reached with the Nigerian Communications Commission to resolve the N330bn SIM cards fine imposed on the network for failure to deactivate 5.2 million unregistered lines.
MTN also announced the appointment of Mohammed Rufai as its Chief Technical Officer, effective May 1, 2019.
In a statement issued on Monday, the company said Rufai would be responsible for defining its technology strategy and roadmap, designing and planning all aspects of the business’ network operations, overseeing the continued implementation of aggressive network rollout schedules, developing and maintaining technology infrastructure, as well as formulating and reviewing policies.
According to the statement, Rufai worked with the MTN Group where he was the general manager responsible for technology in South East Africa and Ghana region, prior to the new appointment.
The Chief Operating Officer, MTN Nigeria, Mazen Mroue, said, “We are excited to welcome Rufai home from his excursion across the continent. From the beginning, he has demonstrated professionalism in all engagements and a drive to improve processes and outcomes continuously. His extensive experience and leadership will serve us well.”
