Capital market apex regulator, Securities and Exchange Commission (SEC) and self-regulatory organisation, Nigerian Stock Exchange (NSE) are still waiting for the formal application from MTN Group in respect of its planned listing on the NSE.
The Africa’s biggest mobile-phone operator had agreed to list its shares in Nigeria as part of a deal to pay a N330 billion ($1 billion) fine in cash to the Nigerian government for missing a deadline to disconnect unregistered subscribers.
Preparatory to the listing, MTN appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited as its Joint Transaction Advisors and Joint Global Coordinators with Stanbic acting as Lead Issuing House.
However, THISDAY checks showed that MTN is yet to formally apply to the regulators for the listing of its shares.
“We are yet to receive a formal application but I believe it will come soon. Do not forget, it takes a long process. I am sure they will send the application at the appropriate time,” a source at SEC said.
While the regulators are still waiting to receive the formal application from MTN, local stockbrokers have started lobby to be part of the offer so as to earn some income.
Market sources had said brokers that have a close working relationship with the Stanbic Capital and Citi Bank in Nigeria were already exploring that relationship to be part of the deal.
“If it eventually comes, the MTN listing will be major deal in the market. Considering that fact that the market has been without initial public offering for a long time, this is an opportunity no one would want to miss. I can tell you that many operators are working out strategies to be part of the offer,” a senior stockbroker had told THISDAY last month.
The broker explained that “as you are aware, MTN has said a full syndicate including Nigerian parties will be appointed in due and this is the time for whoever that wants to be part of the that local team to work for it.”
MTN is targeting 2017 to list its shares on the NSE, it was pleased to announce that its 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 added that Stanbic IBTC Capital, the Nigerian arm of Johannesburg-based Standard Bank, will be the lead issuing house, while a full syndicate including Nigerian parties will be appointed in due course.