Ferdi Moolman MTN Nigeria CEO

NSE approves MTN Nigeria listing at N90 per share

The Nigerian Stock Exchange (NSE) has finally approved the listing of MTN Nigeria shares on the nation’s bourse. Agency report that a senior management at the NSE, who pleaded anonymity said in Lagos that MTN Nigeria application for listing was approved on Tuesday.

It was noted that MTN had completed all the necessary steps required by the exchange for listing which led to the approval. On that note, MTN has emerged as the second largest company on the nation’s bourse after Dangote Cement with market capitalisation of N1.83 trillion.

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It would be recalled that the Securities and Exchange Commission (SEC) recently confirmed the approval of MTN Nigeria application to be listed on NSE by way of introduction.

Efe Ebelo, SEC Head Corporate Communications, said that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction. She said that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.

The company had previously announced that it looks 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 had said.

It would be recalled that listing was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

NSE approves MTN Nigeria listing at N90 per share