Nigerian Stock Exchange working with MTN on 2017 listing

Oscar Onyema, CEO, Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE) is working with South African cell operator MTN on a listing of its shares in the country this year, the head of the bourse said on Thursday.

“The pressure on MTN has never been higher to list,” NSE Chief Executive Oscar Onyema told a business conference. “There’s a project team working with them.”

Africa’s biggest mobile phone operator, has said it aims to list its Nigerian unit on the local bourse during 2017, subject to market conditions.

MTN is the largest mobile phone company in Nigeria, the continent’s biggest economy, and accounts for a third of MTN’s revenue.

Last June the telecoms firm said it would list after agreeing to pay a reduced fine of $1.7 billion in a settlement with the Nigerian government over unregistered SIM cards.

A listing would see it have to abide by stock exchange rules on disclosure and corporate governance.

Onyema said he expected MTN’s listing this year to drive the IPO market. He also said local airline Med-View would list its shares on January 30.

MTN has appointed Stanbic IBTC Capital, Standard Bank of South Africa and Standard Advisory London, and Citigroup Global Markets, as joint transaction advisors and global coordinators, with Stanbic acting as lead issuer.

Onyema said the bourse will fast-track the listing of exchange traded derivatives this year to help investors manage risk, noting that it has created a counterparty clearing house to support the process.

Source: Business & Financial News, Breaking US & International News | Reuters