SEC finally approves listing of MTN shares

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The Securities and Exchange Commission (SEC) has finally approved MTN Nigeria’s  application to be listed on the Nigerian Stock Exchange (NSE).

SEC Head, Corporate Communications, Mrs Efe Ebelo, confirmed this when she said that the company has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.

It should be recalled that MTN Nigeria on May 6 filed an application with SEC and the exchange for listing by introduction. By this approval, it means that the shares held by Nigerians in MTN can now be listed on the local stock exchange market.

SEC has earlier revealed that it received an application from MTN requesting for registration of their 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.

ALSO READ: MTN Applies For Listing On Nigeria Stock Exchange

SEC Acting Executive Commissioner, Corporate Services, Mr Henry Rowlands,  has also said that the commission was committed to work with MTN Nigeria.

“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,” Rowlands said.

Reacting to the approval, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd commended SEC for speedy approval.

Omordion said that MTN Nigeria July target for listing would be feasible with the approval, noting that the listing might be concluded before the target date,

MTN Nigeria has recently 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 looks to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.

MTN Chief Executive Officer, Fredi Moolman,  while speaking on the conversion, further revealed that the listing was part of its commitment to localisation in the markets in which it operates.

“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,” Moolman said.

Listing on the NSE according to MTN was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

 

Juliet Ekwebelam

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