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MTN Nigeria applies for listing on Nigerian Stock Exchange — SEC

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MTN Nigeria applies for listing on Nigerian Stock Exchange — SEC

The Securities and Exchange Commission (SEC) on Monday said that MTN
Nigeria has formally applied for listing by introduction on the
Nigerian Stock Exchange (NSE).

Mrs Efe Ebelo, SEC Head, Corporate Communications, who confirmed
this, said that the company’s application was presently receiving
attention.

“SEC can confirm that we are in receipt of 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.

Mr Henry Rowlands, SEC Acting Executive Commissioner, Corporate
Services, had earlier told the News Agency of Nigeria (NAN) in Lagos
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.

NAN reports that MTN Nigeria recently changed its status from a
private company to a public liability company (PLC) ahead of its listing
on the exchange.

NAN also reports that the conversion was one of the requirements for listing on the exchange.

The company had previously announced that it looked to list on the
NSE before July, saying it plans to enter the market by way of listing
by introduction.

Speaking on the conversion, Fredi Moolman, MTN Chief Executive
Officer, said 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.

NAN reports that listing on the NSE was one of the conditions reached
in the resolution of a N330 billion fine placed on the company by the
Nigerian Communications Commission (NCC) for its inability to disconnect
improperly registered SIM cards. (NAN)

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