MTN unfolds plan to list on the Nigerian Stock Exchange in 2017

Posted by News Express | 28 July 2016 | 5,961 times

MTN Group, Africa’s biggest mobile phone operator, says its Nigeria unit is on track to list on the Nigerian Stock Exchange in 2017 as part of an agreement with the government.

MTN said in June that its local unit would list on the Nigerian bourse after agreeing to pay a reduced fine of $1.7bn in a settlement of a long-running dispute with the government over unregistered SIM cards.

MTN Nigeria aimed for the listing to take place during 2017, subject to market conditions, the company said on Thursday.

MTN is the largest mobile phone operator in Nigeria, with 57-million subscribers, and the country accounts for about a third of its revenue.

MTN Nigeria appointed Stanbic IBTC Capital, Standard Bank and Standard Advisory London, and Citigroup Global Markets, as joint transaction advisers and global co-ordinators, with Stanbic acting as lead issuer. (Reuters)

Source: News Express