The Nigerian arm of the South African Telecommunications giant, MTN, has said it will list its shares on the Nigerian Stock Exchange in 2017.
According to a statement released on Thursday, MTN Nigeria said that the listing was part of a settlement arrangement with the Federal Government.
“The Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE as soon as commercially and legally possible, and has established a management task team with the responsibility to guide the company towards a listing,” it said in the statement.
“At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.”
The statement was signed by MTN Nigeria’s Public Relations and Protocol Manager, Mr. Funso Aina.
The telecoms firm said it had appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) (collectively “Stanbic”) and Citigroup Global Markets Limited (‘Citi’) as Joint Transaction Advisors and Joint Global Coordinators, with Stanbic acting as Lead Issuing House.
It added, “A full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course, as appropriate.
“The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.”