Business

MTN to start trading on Nigerian Stock Exchange from Thursday

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MTN Nigeria is set to begin trading on the floor of the Nigerian Stock Exchange (NSE) this Thursday, May 16.

This is following the approval of the NSE to list 20.3 billion shares belonging to the telecommunication giant, and the trading price of N90 per unit.

With a market capitalisation of N1.83 trillion, MTN will be second to  Dangote Cement as the largest trading company on the NSE.

Recall that listing on the NSE was part of the conditions reached in the resolution of a N330 billion fine placed on MTN by the Nigerian Communications Commission (NCC) for SIM registration infractions.

The Securities and Exchange Commission (SEC) recently confirmed the approval of MTN Nigeria application to be listed on NSE by way of introduction.

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Efe Ebelo, SEC’s head of corporate communications, had said that the commission had approved the company’s application to be listed on the nation’s bourse by way of introduction.

Speaking on this, Ferdi Moolman, CEO of MTN Nigeria said: “It gives me great pleasure to confirm that the official listing via the introduction of MTN’s shares on the NSE will take place on Thursday, May 16.”

“We appreciate the continued support afforded us by the government, regulators and people of this great nation. In particular, I would like to thank the staff and management of MTN Nigeria who worked tirelessly to make this day possible.

“This is just the beginning, we still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity.

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