MTN Nigeria says it will go public in 2017 as part of a settlement arrangement with the Federal Government of Nigeria. The company says it would take immediate steps to ensure the listing of its shares on The Nigerian Stock Exchange (The NSE) as soon as commercially and legally possible.
In a statement, MTN Nigeria announced that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria 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.
MTN Nigeria also announced that it has appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited as its Joint Transaction Advisors and Joint Global Co-ordinators with Stanbic acting as Lead Issuing House.
The company promised that a full syndicate including Nigerian receiving agents, Nigerian receiving banks and other advisers would be appointed in due course as appropriate.
MTN said the proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.