Fidelity bank banner Bayelsa State banner
MTN postpones listing on Nigerian Stock Exchange

By News Express on 21/01/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,905

MTN chairman and acting CEO Phuthuma Nhleko.
MTN chairman and acting CEO Phuthuma Nhleko.

MTN may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country.

“It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,” MTN chairman and acting CEO Phuthuma Nhleko said at the annual meeting of the World Economic Forum in Davos, Switzerland. “Regulatory issues need to be resolved, and the macro conditions need to have improved.”

MTN agreed to list the unit in Nigeria as part of the settlement of a 330-billion naira ($1bn) fine imposed by the government for missing a deadline to disconnect unregistered subscribers. It said in July that the listing would take place in 2017, subject to market conditions. Since then, a senator’s allegations that it illegally moved $14bn out of the country has threatened to delay the process.

The Nigerian Stock Exchange all share index was the world’s worst performer last year among 94 indexes tracked by Bloomberg, losing 41% in dollar terms. The market slump came as the economy contracted for the first three quarters of 2016 due to lower oil revenue and capital controls deterring investment.

“We’ve always intended to list – we have reaffirmed that with the government,” said Nhleko, who will revert to his previous role as nonexecutive chairperson when new CEO Rob Shuter arrives in March. “Clearly, we can only list when the conditions are conducive.”

MTN shares have lost more than a third of their value since the fine was handed down in October 2015, and the company has overhauled management and toughened up its approach to regulators as a result.

The wireless operator had about 235-million customers across 22 countries in Africa and the Middle East as of the end of September.

MTN’s share price was little changed at R125 at 10.02am on the JSE on Friday, valuing the company at R236bn.

In July, MTN appointed units of Citigroup and Standard Bank to advise on the Nigeria listing.
•Text courtesy of Bloomberg.
 

Source News Express

Posted 21/01/2017 12:46:35 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Robo Michael: Treachery and desperation for Ogoni oil,...

Senate begins probe of Customs

Kuforiji-Olubi: We have lost a consummate administrator, says...

Bill on Niger Delta Amnesty Programme passes second...

Suicide bombers kill over 70 in Borno

Nigerian woman described as “Devout Christian” killed in...

Bank customers lament woes as BVN palaver makes...

Ebonyi lawmakers give Anambra Govt. 7 days ultimatum...

85 students emerge with First Class at FUTA...

Today’s weather outlook, as forecast by the Nigerian...

EFCC reads Riot Act to bankers

Ese Oruru’s parents lament her continued absence in...

 

Latest News A professional in the saddle BREAKING: Queen of Soul Aretha Franklin, ‘greatest singer of all time’, dies at 76 Godswill Akpabio’s defection to APC shocked and confused me — Elder brother, Isong Akpabio •Says defection cannot make APC win Akwa Ibom FG close to breakthrough on Leah Sharibu’s release — Presidency •Clears air on Daura’s status Woman pushes friend off bridge NYSC releases names of 9 drowned corps members Why 2019 elections will be Nigeria’s most expensive — INEC MASSOB drops threat to disrupt conferment of chieftaincy title on Ganduje Whistleblower: 5,000 tips received, N11bn recovered — Adeosun Naturalised Americans in danger of losing citizenship as Federal officials review thousands of cases Chinese firm to invest in Nigeria’s digital economy, education Demolition Notice: Ayefele’s house contravenes planning laws — Oyo Govt

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,431 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,460 views) Shameless Genevieve Nnaji exposes breasts in public (296,149 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,750 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,513 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,032 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,470 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,648 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,567 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,219 views) Lagos plane crash: Journalist releases victims’ names (152,643 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,964 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,452) Business Verdict (48) Columnists (910) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (633) Global Business Monitor (294) International (2,274) Interview (161) Live Commentary (28) Love Matters (134) News (38,048) Opinion (1,057) Pidgin (11) Politics (6,054) Religion (816) Sports (1,646) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement