MTN Nigerian Stock Exchange stock IPO update

MTN Nigeria Communications Plc: Listing by Introduction of the Entire Issued 20,354,513,050 Ordinary Shares of 2 Kobo Each at N90 per Share on the Premium Board of The Nigerian Stock Exchange

The entire issued 20,354,513,050 ordinary shares of MTN Nigeria Communications Plc (MTN Nigeria or the Company) was listed by Introduction on the Premium Board of The Nigerian Stock Exchange (The Exchange) on, Thursday, 16 May 2019.

The listing is following The Exchange’s approval of the application to list the Company’s entire issued 20,354,513,050 ordinary shares of N0.02 each at N90 per share. The trading symbol of MTN Nigeria is MTNN.

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MTN Network will list on the Nigeria Stock Exchange on Thursday

MTN is one of the largest telecommunication company in Nigeria. The South African Network company also have locations in other countries and Nigeria is MTN’s biggest market.

Nigerian unit of MTN network released a statement that it would prefer to list on the Nigerian Stock Exchange on Thursday, a spokesman for the South African firm said on Tuesday. 

“We are aiming to list but we can’t give you a hard date,” he said, adding that Thursday was the company’s preferred date, although Wednesday and Friday this week and Wednesday and Thursday next week are also options. (Reporting by Paul Carsten and Chijioke Ohuocha; Editing by Alexander Smith)

What you need to know about MTN listing on the Nigerian stock exchange
  • The number of shares allocated
  • Estimated share price

The SEC Head, Corporate Communications, Mrs Efe Ebelo, confirmed this to the News Agency of Nigeria (NAN) in Lagos.

Ebelo said the commission has approved the company’s application to be listed on the nation’s bourse by way of introduction.

She said that the company has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.

MTN Nigeria had on May 6 filed an application with SEC and the exchange for listing by introduction.

SEC recently said that it received an application from MTN requesting registration of their existing securities.

“They 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,” Ebelo said.

The SEC Acting Executive Commissioner, Corporate Services, Mr Henry Rowlands, told NAN that the commission was committed to working with MTN Nigeria.

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