By Ngozi Onyeakusi— The Securities and Exchange Commission (SEC) today confirmed that it has formally received application from MTN Nigeria for its listing by introduction on the Nigerian Stock Exchange (NSE).
The listing according to SEC would enable the company to be listed and allow shareholders sell their shares on the floor of the exchange.
The listing is one of the conditions reached in the resolution of a N330 billion fine slapped on the company by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.
The head, corporate communications of SEC, Mrs. Efe Ebelo, who confirmed the application in a press statement made available to newsmen in Lagos on Monday, said 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 an introduction which will enable the company to be listed and allow shareholders to sell their shares on the floor of the exchange,” Ebelo said.
Earlier SEC’s acting executive commissioner, corporate services, Mr. Henry Rowlands, SEC had said in Lagos that the commission was committed to working 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.
It would be recalled that MTN Nigeria recently changed its status from a private company to a public liability company (PLC) ahead of its listing on the exchange.
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, the chief executive officer of MTN, Mr. Fredi Moolman, 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 NSE 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.