The telecoms giant, MTN Nigeria, has announced its intention to list its shares on the Nigerian Stock Exchange in 2017.
According to the company, a full syndicate including Nigerian-receiving agents, Nigerian receiving banks and other advisers will be appointed “in due course”. They maintained, however, that the proposed listing “would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders. Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited have been appointed as the joint transaction advisors and joint global coordinators for the listing. Stanbic will be the lead issuing house.
It earlier announced its intention to list after the reduction of its fine by the Nigerian Communications Commission (NCC) but did not give a specific time. MTN Nigeria’s fine for failing to disconnect unregistered subscribers was reduced from N1.4 trillion to N330 billion after a series of negotiations.
MTN Nigeria is the biggest operator in Nigeria and its eventual listing is expected to boost the Nigerian capital market and create wealth for Nigerians.
The group announced its first half-year (H1) loss in at least 20 years following the NCC fine.