MTN Group converts Nigerian unit to public company ahead of planned listing

MTN Group has converted its Nigerian unit into a public company ahead of a planned listing on the Nigerian Stock Exchange (NSE).

Speaking on the conversion, Ferdi Moolman, MTN Nigeria CEO, stated: “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.

“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”

President and Chief Executive Officer of MTN Group, Rob Shuter, had during the MTN Group’s investor update conference call earlier in the year disclosed that the company would list its shares on NSE in the first half of this year by way of introduction, which is the first phase of the process.

“It means that we will list the company in the initial phases without any public offer or sell-down or initial public offering. I think this will enable us to get the company listed whilst the market still digests the implications of what has happened over the last few months,” Shuter said.

“We will in phase two be doing a project to increase the Nigerian participation in MTN Nigeria, targeting more a free float of around 35 percent than the free float we have today which is around 20 percent. So, we aim to conclude at least the listing by introduction in the first half of 2019, pretty much as soon as we can, and then subject to market conditions, appetite and demand we would in phase two do the sell-down,” Shuter said during the conference call.