Shell Energy Entrepreneurs 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: 1,858

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...
Nigeria to repatriate 18 illegal immigrants

Tinubu faults calls for secession, break-up of Nigeria...

Donald Trump’s victory symbolises beginning of real change...

House of Reps releases legislative agenda, promises to...

Fitch cuts Nigeria’s 2017 GDP growth forecast

Anambra commissioner declared wanted for fraud throws in...

JAMB rules out extension for UTME registration

Anxiety over the health of Pope emeritus Benedict...

Buhari’s visit: Police reads Riot Act to IPOB,...

Is leadership really the main problem of Nigeria...

Village where it has rained non-stop for 75...

Udom Emmanuel tasks FG on infrastructure development

 

Latest News Music star Burna Boy in police net over armed robbery 4 killed, 160 wounded in Jerusalem protests NAF helicopters, fighter jets unleash fire on Boko Haram settlements Sultan to train 200 orphans caused by insurgency Muslim, Xtian leaders meet in Lagos Activists spoil for war with IGP over continued sealing of Peace Corps headquarters in defiance of court order Delta LG polls: Okowa predicts landslide victory for PDP Lagos CP orders arrest of female lawyer over alleged abuse of house help Supreme Court dismisses appeal to stop investigation into N1.8bn subsidy fraud PDP convention: Reconciliation in South-West successful, says Dickson All set for multiple celebration of Obuah in Port Harcourt Expect hazy, sunny, cloudy weather today – NiMet

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (301,758 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (286,550 views) Shameless Genevieve Nnaji exposes breasts in public (231,178 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,899 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,724 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,868 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,570 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,763 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,955 views) Lagos plane crash: Journalist releases victims’ names (119,410 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,773 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,580 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,823) Business Verdict (30) Columnists (779) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (421) Features (523) Global Business Monitor (196) International (1,693) Interviews (138) Live Commentary (28) Love Matters (92) News (31,059) Opinion (845) Pidgin (9) Politics (4,224) Religion (654) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

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!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

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!