The Nigerian Stock Exchange (NSE) on Tuesday finally approved the listing of MTN Nigeria shares on the nation’s bourse. A senior management at the NSE, who pleaded anonymity, told the News Agency of Nigeria (NAN) in Lagos that MTN Nigeria application for listing was approved yesterday.
The source said that the company, barring unforeseen circumstances, would be listing a total of 20,354,513,050 at N90 per share on May 16.
The source told NAN that the company had completed all the necessary steps required by the exchange for listing which led to the approval. MTN Nigeria shares, when listed at N90 per share, will emerge the second largest company on the nation’s bourse after Dangote Cement with 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.
Mrs. Efe Ebelo, SEC Head Corporate Communications, said that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction.
She said that the company had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission. MTN Nigeria on May 6 filed an application with SEC and the exchange for listing by introduction. The firm recently changed its status from a private company to a public liability company (Plc.) ahead of its listing on the exchange.
The conversion was one of the requirements for listing on the exchange.
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