The Securities and Exchange Commission (SEC) has confirmed that it is in receipt of an application from MTN requesting for registration of their existing securities.
MTN has applied for listing by introduction, which will enable the company to be listed and allow shareholders sell their shares on the floor of the Exchange.
“Their application is presently receiving attention”, SEC said on Monday May 6, 2019.
There are many processes for companies to come to the market –it can be either through Listing by Introduction or Initial Public Offering (IPO).
BusinessDay had exclusively reported that Nigerians eager to buy into the much talked about success of the telecommunications giant MTN via an IPO would have to wait still further as the application now being considered by Securities and Exchange Commission is not for IPO.
When MTN Nigeria gets SEC approvals in going public, it will be expected to also get all necessary for the listing approvals of the Nigerian Stock Exchange (NSE).
While listing activity on the NSE remained relatively low, the coming to Custom Street market by willing shareholders of MTN Nigeria to trade their stocks will help give investors options for sector rotation and reduce volatility associated with a single name dragging down the entire market.
MTN Group successfully completed the listing of MTN Ghana and its plans to list Nigeria’s unit were affected by dividend issue raised by the Central Bank of Nigeria (CBN) and Attorney General.
