As part of a settlement arrangement with the Federal Government of Nigeria, MTN Nigeria has announced that it would undertake to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange (NSE) as soon as commercially and legally possible.
In a statement released on Thursday, the company said its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE and has established a management task team with the responsibility to guide the company towards a listing.
At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.
The statement said MTN Nigeria is further pleased to announce that it has appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) (collectively “Stanbic”) and Citigroup Global Markets Limited (“Citi”) as its joint transaction advisors and joint global coordinators with Stanbic acting as lead issuing house.
A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course, as appropriate.
The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.
MTN was slammed with a N1.04 trillion fine by the Nigerian Communications Commission (NCC) in October last year after it failed to deactivate 5.2 million unregistered subscribers on its network
The company announced on June 10, 2016 that would pay only N330 billion, out of the N780 billion the initial fine was earlier reduced to.
