South African mobile operator MTN is in the process of finalizing its plan to list on the Nigerian Stock Exchange, with the Nigerian IPO expected before the end of the year.
While the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange have not yet received applications from MTN for the offer, an anonymous person working at MTN revealed that detailed work is underway with regards to planning the IPO, according to Vanguard.
The company still expects the listing to become a reality before the end of 2018.
Africa’s biggest mobile phone company by subscribers will make 30 percent of its Nigerian shares available for listing on the Nigerian Stock Exchange, with those shares worth around $512 million, according to ENCA.
The listing is taking place as part of the conditions places upon the telecoms giant in the West African country regarding their $1 billion fine for missing a deadline to disconnect unsubscribed Click here to read entire article