{"id":32202,"date":"2019-05-28T14:33:10","date_gmt":"2019-05-28T13:33:10","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=32202"},"modified":"2019-05-28T14:33:10","modified_gmt":"2019-05-28T13:33:10","slug":"mtn-nigeria-listing-matters-arising","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/mtn-nigeria-listing-matters-arising\/","title":{"rendered":"MTN Nigeria Listing: Matters Arising"},"content":{"rendered":"
MTN Nigeria finally listed 20.4 billion shares on the Nigerian Stock Exchange (NSE) (after being compelled to do so by the Nigerian government as part of a regulatory settlement) at a price of\u00a0N<\/span>90.00 ($0.25) on May 16, 2019.\u00a0 The listing was part of the punitive measures taken by Nigeria’s telecom regulator in the second half of 2015 due to the refusal of MTN Nigeria to fully comply with its directive to deactivate unregistered sim cards.<\/div>\n
<\/div>\n
Despite the involuntary nature of the listing, the Nigerian Stock Exchange is celebrating the listing as a\u00a0positive\u00a0and immediately added MTN Nigeria to its Premium Board.\u00a0 Developments since listing of MTN Nigeria’s shares less than two weeks ago have been anything but positive.\u00a0 Let me kick off with trading related issues.<\/div>\n
<\/div>\n
1.<\/div>\n
\u00a0 \u00a0 \u00a0 \u00a0 MTN Nigeria refused to do an\u00a0Initial Public Offer (IPO)\u00a0and instead opted for\u00a0Listing by Introduction.\u00a0 All this does is alienate and\u00a0frustrate\u00a0investors while\u00a0quickly\u00a0enriching existing shareholders of MTN Nigeria as a private company prior to listing.\u00a0 This has prevented most investors from being able to acquire shares as the privileged connected few do cross deals among themselves and shut-out everybody else.\u00a0 Only nine months ago, MTN listed in Ghana and did an IPO over a two-month period prior to listing.\u00a0\u00a0I guess this is one of the differences in actions you get when a listing is voluntary compared to involuntary.\u00a0\u00a0<\/i>\u00a0\u00a0\u00a0 There are a lot more instances of foreign companies listing their subsidiaries on other African stock exchanges but, reluctant to do so on the NSE.\u00a0 For example, Standard Chartered Bank is listed in Kenya & Ghana and not Nigeria.\u00a0 The same scenario would have applied for MTN if not compelled to do so by Nigerian regulators.\u00a0 The company that appears not to need capital given its lack of interest in doing an IPO, goes ahead and immediately borrows\u00a0N200B\u00a0from seven Nigerian banks after borrowing\u00a0N200B\u00a0from 12 banks just nine months ago.\u00a0\u00a0N400B increase in debt capital\u00a0in less than a year while not seeing the urgent need for equity capital with a listing on the horizon.\u00a0\u00a0Who is really fooling who?\u00a0\u00a0<\/i><\/div>\n
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2.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div><\/div>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 The free float rule to list on the Nigerian Stock Exchange used to be for a minimum free float of 25%, then, changed to a minimum free float of\u00a020% of issued share capital\u00a0not long before the listing of Dangote Cement in October 2010.\u00a0 Dangote Cement listed with less than 7% free float and remains there till today on average.\u00a0 The excuse then was about listing the difference on the London Stock Exchange and Dangote Cement was given an exemption from the minimum free float listing requirement that has been continually extended\u00a0until\u00a0the rule was changed to include “the value of its free float is equal to or above\u00a0N<\/span>40 billion on the date The Exchange receives the Issuer\u2019s application to list.”\u00a0 This rule amendment allowed Dangote Cement to no longer be in violation of Exchange free float rules\u00a0and\u00a0has also allowed MTN Nigeria to list despite being not having a 20% minimum free float to enable balanced trading.\u00a0\u00a0The danger of this is companies just have to list at a high price with an unfavorable free float (intentional hoarding of shares) relative to outstanding shares to get listed on the NSE.\u00a0\u00a0MTN Nigeria’s free float\u00a0reality\u00a0is estimated at approximately 6%.\u00a0 Ironically, the two companies that are listed and trading with free floats significantly less than\u00a020% (Dangote Cement & MTN)\u00a0are on the NSE’s\u00a0Premium Board\u00a0and are the two most capitalized companies on the NSE\u00a0and now account for 44.5% of the total market capitalization of the Nigerian Stock Exchange as at May 27, 2019.\u00a0\u00a0<\/i>What kind of market can trade without avoidable manipulation when two stocks account for almost\u00a0half\u00a0of the market’s total capitalization?\u00a0<\/i>\u00a0You want to change the fortunes of the NSE positively?\u00a0 Keep bidding up the price of Dangote Cement and MTN Nigeria and mission accomplished.\u00a0\u00a0Does this sincerely resemble a market moving forward or just moonwalking?\u00a0\u00a0<\/i>\u00a0\u00a0\u00a0\u00a0<\/i><\/div>\n
<\/div>\n
\n3.<\/div>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Over the first three (3) trading days of MTN Nigeria’s listing, only 134 deals could be mustered for a total of\u00a0105,301,759\u00a0shares traded.\u00a0 On day six of trading alone,\u00a01,600 deals\u00a0could be mustered for a total of\u00a034,226,952 shares traded.\u00a0\u00a0\u00a0 Over the first three days, the average trade was for 785,834 shares while on day six alone, (after existing shareholders had made in excess of\u00a075%) the average trade was for\u00a021,392\u00a0shares.\u00a0 Immediately the smaller investors were allowed into the trading room, MTN Nigeria’s share price has been falling while the smaller investors are left holding the short end of the stick on purpose.\u00a0\u00a0This is a similar experience investors should expect when the NSE’s demutualization is completed and its shares are listed on the NSE.\u00a0 A “pump and dump” illiquid scenario to please the few and upset the many may become the norm on the NSE when prominent companies list unless rules are restructured\u00a0to favor the market and not ‘powerful’ investors directly or indirectly.\u00a0\u00a0<\/i><\/div>\n
\u00a0<\/i><\/div>\n
Now for non-trading related issues:<\/div>\n
\n
    \n
  • MTN Nigeria’s\u00a0fiscal year 2018 annual report is not yet available on its website.\u00a0\u00a0No company should be allowed to list on any African stock exchange without\u00a0publicly releasing its FULL annual report for the most recently concluded fiscal year on its website at least thirty (30) days before the intended listing.<\/li>\n
  • The Nigerian government, NSE and the telecom regulator should find a way to get\u00a0Globacom (a telecom company with a Nigerian as the majority owner)\u00a0to list if the listing of MTN Nigeria is to be a watershed moment.<\/li>\n
  • Nigeria’s financial crimes ombudsman has written to MTN Nigeria requesting information and documentation relating to the listing of its shares on the NSE.\u00a0 The Nigerian Stock Exchange’s most prominent listing in\u00a08.5 years\u00a0is now the subject of an untoward investigation.\u00a0 The letter was received on May 23, 2019, the same day, MTN Nigeria’s shares started becoming more readily available to all and sundry.<\/li>\n
  • Why will a company be allowed to borrow and conclude debt capital raising worth approximately\u00a011% of its market value at listing\u00a0at the same time of initial listing of its shares?\u00a0 This is something investors should have been told\u00a0before listing\u00a0as these are investment defining corporate actions.<\/li>\n<\/ul>\n
    \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 WHERE ARE WE HEADED?<\/div>\n<\/div>\n
    The two largest companies on the Nigerian Stock Exchange are: Dangote Cement and MTN Nigeria.\u00a0 The former is chaired by Aliko Dangote that was the Chair of the NSE Council and owns four companies on the NSE.\u00a0 He passed the torch of Chair of NSE Council to Aig-Imoukhuede (co-owner of Access Bank) whose bank just gobbled up Diamond Bank, founded by the Chair of MTN Nigeria – Pascal Dozie.\u00a0 MTN Nigeria has raised N400B over the past nine (9) months through two syndicated loans and Access Bank has been involved in both (first time through Diamond Bank and second time through the new Access Bank.)\u00a0 \u00a0Unsurprisingly,\u00a0 Aig-Imoukhuede attended the listing ceremony of MTN Nigeria at the NSE on May 16, 2019.<\/div>\n
    <\/div>\n
    Let me force myself to close this out…<\/i><\/div>\n
    \u00a0<\/i><\/div>\n
    The NSE should do the following to prove to the general populace that its allegiance lies with them and not the powers that be:<\/div>\n
    <\/div>\n
    1. Release the names of all brokerage firms that were involved in buying and selling MTN Nigeria’s shares from\u00a0May 16 – May 22, 2019.\u00a0\u00a0Release the\u00a0actual names\u00a0(Stanbic Custodian as counterparty name is unacceptable) of the buying and selling party for\u00a0ALL TRADES\u00a0across the five trading days specified.\u00a0\u00a0I assure you many people will have heart palpitations on both sides of the aisle: regulators and privileged investors alike.\u00a0 \u00a0\u00a0<\/i><\/div>\n
    <\/div>\n
    2.\u00a0 Free float worldwide is all about quantity of shares and\u00a0not\u00a0about market valuation.\u00a0 Let us go back to the basics.\u00a0\u00a0The NSE should remove this rule amendment immediately: “the value of its free float is equal to or above\u00a0N<\/span>40 billion on the date The Exchange receives the Issuer\u2019s application to list.”\u00a0 The price of a company’s stock should not be brought into the free float discussion.\u00a0 The core and only matter should be number of shares freely available to trade relative to total outstanding shares.<\/div>\n
    <\/div>\n
    3. Amend the rules so that any company with an intended or expected listing market value in\u00a0excess\u00a0of\u00a0$500m (N<\/span>180B), can only list by IPO.\u00a0 Listing by Introduction will not be allowed for companies with listing valuation expected to exceed $500m.\u00a0 The NSE and SEC should never have approved a listing for MTN by introduction.\u00a0\u00a0The regulators had the leverage as this is an\u00a0involuntary\u00a0listing and they let it go to waste!<\/i><\/div>\n
    <\/div>\n
    MTN Nigeria is dominating the Nigerian telecom industry; has a dominant stake on the NSE (20%)\u00a0 and is dominating the headlines in scandals ranging from disobeying regulatory directives, exporting cash to its parent market without required documentation and underpaying taxes by $2B to the Nigerian tax authority.\u00a0 MTN Nigeria has sued the Attorney General of Nigeria for\u00a0N<\/span>3 Billion in regards to the underpayment of taxes accusation.<\/div>\n
    <\/div>\n
    The cycle of\u00a0serenading the BAD\u00a0and\u00a0vilifying the GOOD in Nigeria\u00a0appears to be alive and well.\u00a0 MTN Nigeria’s listing has been added to a long list of what is wrong by action while espousing what is right by words.<\/div>\n
    <\/div>\n
    The DANCE is alive and well.\u00a0 The DRAMA is still unfolding; grab your popcorn and take a seat.<\/div>\n
    <\/div>\n
    Culled From http:\/\/judefejokwu.blogspot.com\/<\/strong><\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

    MTN Nigeria finally listed 20.4 billion shares on the Nigerian Stock Exchange (NSE) (after being compelled to do so by the Nigerian government as part of a regulatory settlement) at a price of\u00a0N90.00 ($0.25) on May 16, 2019.\u00a0 The listing was part of the punitive measures taken by Nigeria’s telecom regulator in the second half of 2015 due to the refusal of MTN Nigeria to fully comply with its directive to deactivate unregistered sim cards.\u00a0\u00a0<\/p>\n","protected":false},"author":6,"featured_media":31860,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[647,740,575],"coauthors":[2391],"class_list":["post-32202","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-mtn","tag-nse","tag-sec"],"yoast_head":"\nMTN Nigeria Listing: Matters Arising - 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