South African telecoms firm MTN has converted its Nigerian unit into a public company before its planned listing on the Nigerian bourse in the first half of the year.
MTN Nigeria said on Wednesday the conversion was a legal requirement to prepare for the listing and it was engaging with the Securities and Exchange Commission and Nigerian Stock Exchange.
“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” MTN Nigeria chief executive 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 multi-billion 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.
Have your say
More Business Headlines
- NCA to crackdown on counterfeit mobile devices
- Kwidex wins Betway Fintech Challenge
- Ecobank records sterling performance but defers dividends payment
- Karpowership wins Outstanding Independent Powerplant in West Africa award
- Ghana to recruit more banks to market its domestic bonds
- Fiscal laxity may compel Ghana to rely on IMF – EIU
- MTN Nigeria shares jump on second day of trading
- 2019 MTN Internet Festival launched
- Ghana’s economy to grow by 6.5% - not 7.6% - in 2019 – EIU
- EIU projects further widening of fiscal deficit to 4.6% of GDP this year
- SEC’s ‘high-return investments carry high risks’ argument rubbished
- Most Ghanaian businesses do not travel after life of owners – CEO Summit organizer worried
- Cussons Baby Ghana celebrates mothers in Ghana
- Digital agency banking to drive deposits for CalBank
- Smuggling of petroleum products reduces