MTN Nigeria has announced that they have received an approval to list on the Premium Board of the NSE. They will list today, the 16th of May 2019. MTN Nigeria will be listing by introduction—meaning that, only shares of existing shareholders will be listed. This move will value MTN Nigeria at $5 billion.
We initially reported that the shares will be listed at 2 kobos. After they considered the private transactions of their shareholders for a period of 180 business days, MTN Nigeria decided to set their shares at N90 per share. The telco’s move to list 79% of their stake is part of the settlement of the $1 billion regulatory fine that they incurred in 2016.
See also: MTN to Sell Off Stake in Jumia
Aside from Nigeria, MTN Group has also been under pressure from the governments and regulators of other African markets where they operate. The governments of these other countries demanded that MTN transfers a greater share of their business to local investors. The telco held an IPO in Ghana in 2018 and Uganda is pressurizing them to do the same.
Ferdi Moolman, CEO of MTN Nigeria said he is pleased to confirm that the official listing by the introduction of MTN’s shares on the NSE will take place today, May 16th. He also confirmed that MTN intends to pursue future Public Offer that will give more Nigerians greater access to the MTN opportunity.
More on TechGist Africa:
- Rwandan ARED’s Solar Powered Kiosks expands to Uganda
- Jumia Announces 58% Gross Merchandise Volume Growth amidst Fraud Allegations
- Mixed feelings as Uber releases Quiet Mode Feature for Drivers
- Nigeria’s Publiseer makes the Halcyon Incubator Fellowship Final List
- MTN Ghana Commences Payment of Q1 Customer’s Mobile Money Interest