SEC yet to get MTN’s $500m IPO
The Securities and Exchange Commission (SEC) yesterday said it had not been notified by the MTN Group on plans to raise about 500 million dollars from Nigeria’s capital market.
A source who pleaded anonymity told the News Agency of the Nigeria (NAN) 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,” he said.
The source said that the commission would remain committed to investors’ protection and development of the Nigerian capital market.
There were reports that the MTN Group Ltd. was perfecting plans to raise about 500 million dollars 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).
It was learnt that the 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.
Speaking on the implications of MTN listing, Dr. Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University Keffi, said that the deal if perfected, would boost market capitalisation.
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