MTN To Go Public In Nigeria In 6 Months
Finally, there is a date to the planned listing of Africa’s giant mobile telecommunications company, MTN on Nigeria Stock Exchange, NSE.
The telecoms company has confirmed that it is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months.
This came from its Chief Executive Officer, Rob Shuter on Wednesday.
“We have a lot of advisers running around and getting everything ready,” he said in an interview with Bloomberg TV.
“It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are moving forward well with the project and anticipate concluding that in the next six months or so,” Shuter explained.
MTN agreed to the IPO as part of the settlement of a $1 billion fine imposed by the Nigerian Communications Commission on it in 2015.
In January this year, the NSE said it was working “very closely” with MTN on the listing of its shares in the country’s bourse.
“The pressure on MTN has never been higher to list,” the NSE Chief Executive Officer, Oscar Onyema, told a business conference then, adding, “There’s a project team working with them.”
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