SEC confirms MTN application for listing by introduction

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).

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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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.