MTN Nigeria Seeks SEC Approval For Listing On Stock Exchnage

The local unit of South African mobile telephony firm, MTN Nigeria has formally submitted its application for approval for its planned listing on the domestic stock exchange with the Securities and Exchange Commission (SEC).“SEC can confirm that we are in receipt of an application from MTN The telecoms giant plans to list on the Nigerian Stock Exchange (NSE) by introduction, which means many Nigerians may not be privileged to buy the shares of the company on the stock market.
According to market players, listing by introduction would restrict the volume of shares of the company available for trading on the floor of the Exchange and take it off the reach of many retail investors.
However, the market welcomes the planned listing of the shares of the telecoms firm, noting that it will further deepen the capital market, and provide many Nigerians the opportunity to participate in the affairs of the firm and share in the wealth they are creating in the country.
MTN controls 37.8 percent of the local telecoms market shares has about 65.6 million subscribers on its network and contribute the highest to the group bottom line.
The firm converted to company liability company last week in readiness for the proposed listing on the local bourse, which was part of legal requirements, and key milestone preparatory to its listing on the NSE, which it scheduled before the second quarter of 2019.
The proposed listing on the NSE was one of the conditions reached with the Nigerian government in the resolution of 330 billion naira fine imposed on the fine for violating the regulatory rules on sim registrations.

requesting for registration of their existing securities," SEC said in a statement on Monday.“They (MTN) have 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,” the Commission further said in the statement.