SEC yet to get notification on MTN’s $500m IPO

MTN Nigeria set to list shares on NSE

The Securities and Exchange Commission (SEC) said it is yet to be notified by the MTN Group on plans to raise about 500 million dollars from the Nigeria’s capital market.

A source who pleaded anonymity told newsmen in Lagos that the commission was yet to receive any application from MTN on Initial Public Offering (IPO).

“As of today, we are yet to receive any application or notification from MTN on the proposed IPO,’’ the source said.

There were reports recently that MTN Group Ltd. was perfecting plans to raise about $500 million from the sale of shares in its Nigerian business in the first half of 2018.

Standard Bank Group Ltd. and Citigroup Inc. had been advising Africa’s largest mobile-phone company on the disposal of as much as 30 per cent of the Lagos-based unit on the Nigerian Stock Exchange (NSE).

MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay one billion dollars fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

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