The Securities and Exchange Commission on Wednesday said it had approved MTN Nigeria’s application to list on the Nigerian Stock Exchange by way of introduction.
Efe Ebelo, SEC Head, Corporate Communications, confirmed this to the News Agency of Nigeria in Lagos.
Ebelo said the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction.
She said the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
NAN reports that MTN Nigeria on May 6 filed an application with SEC and the exchange for listing by introduction.
SEC recently acknowledged it received an application from MTN requesting for registration of its existing securities.
“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange,” Ebelo said.
Henry Rowlands, SEC’s Acting Executive Commissioner, Corporate Services, told NAN that the commission was committed to working with MTN Nigeria.
Rowlands said: “SEC is committed to work with them, when they list by way of introduction naturally it will translate to public offering by and large.
“It’s better that they come to the market even if it’s by way of introduction because it will encourage other service providers to access the market.”
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, commended SEC for the speedy approval.
Omordion said the July target for the listing by MTN Nigeria would be feasible with the approval, noting that the listing might be concluded before the date.
NAN also reports that MTN Nigeria recently changed its status from a private company to a public liability company 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, said the listing was part of company’s commitment to localisation in the markets in which it operates.
Moolman said: “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.”
NAN reports that listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the company by the Nigerian Communications Commission for its inability to disconnect improperly registered SIM cards.