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MTN to begin NSE trading on Thursday

MTN to begin NSE trading on Thursday
May 15
11:01 2019
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The Nigerian Stock Exchange has approved the listing of 20.3 billion shares belonging to MTN Nigeria.

NAN reports that the shares would trade at N90 per unit from Thursday, May 16.

This would make MTN Nigeria, the second largest company on the exchange after Dangote Cement with a market capitalisation of N1.83 trillion.

The Securities and Exchange Commission (SEC) recently confirmed the approval of MTN Nigeria application to be listed on NSE by way of introduction.

Efe Ebelo, SEC’s head of corporate communications, had said that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction.

Commenting on the announcement, Ferdi Moolman, CEO of MTN Nigeria said: “It gives me great pleasure to confirm that the official listing via introduction of MTN’s shares on the NSE will take place on Thursday, May 16.”

“We appreciate the continued support afforded us by the government, regulators and people of this great nation. In particular, I would like to thank the staff and management of MTN Nigeria who worked tirelessly to make this day possible.

“This is just the beginning, we still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity.”

Listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

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Exchange Rates

May 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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