MTN Nigeria registers 20.35bn shares

MTN Nigeria Communications Plc on Tuesday announced that it had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission.

The company said in a statement that the completion of the registration process set in motion the next steps in its intended listing by introduction on the Nigerian Stock Exchange.

The Chief Executive Officer, MTN Nigeria Ferdi Moolman, said, “I am excited that we have achieved another milestone in our listing process and we want to thank SEC and the Corporate Affairs Commission for supporting us through the process.

“We have now begun to engage with the NSE to complete the listing process.”

SEC and the NSE had confirmed on Monday that they received an application from MTN requesting the registration of its existing securities.

“They have applied for listing by introduction, which will enable the company to be listed and allow shareholders to sell their shares on the floor of the Exchange,” SEC said.

MTN had earlier converted its Nigerian unit into a public company from a private one before the planned listing on the Exchange.

It said the conversion was a legal requirement to prepare for the listing.

The President/Chief Executive Officer, MTN Group, Mr Rob Shuter, said the move would enable the company to get listed easily, adding that findings showed that the free float in the Nigerian market would be about 35 per cent.

(PUNCH)