GTB 737 banner Yudala banner

MTN postpones listing on Nigerian Stock Exchange

By News Express on 21/01/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,351

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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Lagos bans open procession, fireworks during Yuletide

BLODDBATH AS BOKO HARAM AMBUSHES NIGERIAN TROOPS •40...

Airtel woos Facebook users, introduces special complementary service...

Obomkpa Blast: Mind your utterances, Uduaghan warns Delta...

Nnamdi Kanu’s trial no longer judicial but political...

Intersociety drags Enugu Electric before Electricity Commission, lists...

Gallant troops annihilate Boko Haram fighters fleeing from...

South African church bars blacks

Passengers stranded as airlines delay flights due to...

Police restricts movement in Kogi as guber poll...

Sports Ministry denies asking athletes to buy air...

75 dead in fresh religious violence in Central...

 

Latest News BREAKING NEWS: Buhari meets with Service Chiefs Varsity dismisses 9 students, 3 staff over exam malpractice Undergraduate ritual killer escapes from police custody 6 features to look out for in a new laptop Biafra: Fiery preacher Ebube Muonso strikes deal with Kanu, IPOB World Bank team ranks Edo high on transparency, job creation Buhari’s administration has set a solid foundation for Nigeria’s economic recovery, says Osinbajo Jehovah’s Witnesses’ 2017 Convention kicks off Ambode woos lawyers, seeks support for devolution of power to states, fiscal federalism Anambra 2017: You can’t buy our committee, Wike, Fayose warn PDP aspirants Okowa to FG: Deploy more police officers to states NiMet forecasts rains today over Calabar, Port Harcourt, Yenagoa, Shaki, Abeokuta, Ado Ekiti, Akure, Ibadan, Oshogbo, Owerri, Ogoja, Ikom, Awka, Warri, Uyo

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,428 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,340 views) Shameless Genevieve Nnaji exposes breasts in public (206,673 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,521 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,296 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,824 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (134,043 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,175 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (118,088 views) Lagos plane crash: Journalist releases victims’ names (109,475 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,781 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,326 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,663) Business Verdict (19) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (173) Entertainment (352) Features (476) Global Business Monitor (170) International (1,498) Interviews (128) Live Commentary (28) Love Matters (67) News (27,645) Opinion (782) Pidgin (8) Politics (3,862) Religion (598) Sports (1,308) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

President Muhammadu Buhari's National Broadcast

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!