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MTN targets 2017 date for listing on the exchange
…Citigroup, Standard Bank as listing advisers
Barring any last minute change in decision, leading mobile telecommunications company, MTN have concluded plans to list its share on the Nigerian Stock Exchange (NSE) in 2017.
The company said it is taking some concrete steps towards having the company quoted on the local bourse, noting that it has appointed units of Citigroup Inc. and Standard Bank Group Limited as advisers on a planned listing of the wireless company’s Nigeria business on the exchange.
According to an agency report, this could part of a deal it struck with the Federal Government to settle a record fine for infraction.
This undertaking forms part of a settlement arrangement with the Federal Government of Nigerian after MTN Nigeria incurred a multibillion-dollar fine for failing to deactivate 5.2-million unregistered cell phone SIM cards by August 2015.
The Nigerian Communications Commission (NCC) reduced the penalty to N330-billion, or $1.67-billion, to be paid in tranches over a three-year period.
MTN Nigeria appointed Stanbic IBTC Capital and Citigroup Global Markets as its joint transaction advisers and joint global coordinators, with Stanbic acting as the lead issuing house.
The company said it would appoint a full syndicate, including Nigerian receiving agents, Nigerian receiving banks and other advisers, in due course.
