MTN begins work on listing on Nigeria bourse, appoints transaction advisors


MTN Nigeria’s Board of Directors has resolved to proceed with preparations for a listing of the telco 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. At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.

On 10 June 2016, MTN Nigeria announced that, as part of a settlement arrangement with the Nigerian government, it would undertake to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange (NSE) as soon as commercially and legally possible.

MTN Nigeria has appointed Stanbic IBTC Capital (together with its affiliates, Standard Bank of South Africa and Standard Advisory London – collectively Stanbic) and Citigroup Global Markets (Citi) as its Joint Transaction Advisors and Joint Global Coordinators with Stanbic acting as Lead Issuing House. 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.

MTN Nigeria is part of MTN Group. The Group has operations in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code “MTN.” As of April 30, 2016, MTN had 230.3 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Congo-Brazzaville, Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.