MTN converts Nigerian unit to public company before planned listing
MTN has converted its Nigerian unit into a public company from a private one before a planned listing on the Nigerian bourse in the first half of the year, the unit of the South African telecoms firm said.
MTN Nigeria said the conversion was a legal requirement to prepare for the listing and that it was engaging with the Securities and Exchange Commission and Nigerian Stock Exchange.
"Our conversion to a [public company] is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019," MTN Nigeria CE Ferdi Moolman said.
Nigeria is MTN's biggest market, with 52.3-million users in 2017, and accounts for a third of the company's annual core profit, but has proven problematic in recent years.
In December, MTN agreed to make a $53-million payment to resolve a dispute in Nigeria. The move ended a four-month multibillion-dollar dividend repatriation row that hammered its share price.
Moolman said last month he expected the listing on the Nigerian bourse to be "probably more towards April and May".
The company expects to list the unit without raising money from investors immediately, and has said it would simplify its capital structure before the listing.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation