MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos Stock Exchange to be done by the end of this year, after suggesting last November that the process would be concluded by mid-year.
Its Chief Executive Officer, Rob Shutter assured that they are progressing very well with the Nigerian listing and if market conditions are appropriate, the listing will conclude that by the end of the year.
Shutter who spoke in an interview in Lagos declined to provide more details on the process.
“We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” Rob Shuter said Tuesday.
MTN agreed to the Nigerian Stock Exchange (NSE) initial public offering as part of the settlement of a $1 billion (N330 billion) revised fine imposed by the Nigerian Communications Commission (NCC) in 2015 after missing a deadline to disconnect unregistered subscribers amid a security crackdown in Nigeria.
Nigeria is the largest of the company’s 22 markets across Africa and the Middle East.
According to Bloomberg, MTN is planning to raise at least $500 million from the sale of shares, people familiar with the preparations for the listing said.
The company could dispose of as much as 30 percent of its Lagos-based unit, the people, who asked not to be identified as the details aren’t public, said in February.Please subscribe to our newsletter