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MTN yet to file IPO application in Nigeria, says SEC

MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria’s Securities and Exchange Commission said  on Sunday.

The  much-anticipated share listing  could value MTN  at around $5 billion and help revitalise the Nigerian stock market.

The Securities and Exchange Commission’s (SEC’s) statement came after domestic media reported on Thursday that the local arm of the South African telecoms giant was ready for its shares to be listed.

“Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,” the regulator said.

Sources say the company wants to issue shares electronically. That has not been done before in Nigeria and needs new systems put in place to allow it.

MTN has picked Nigerian investment firm Chapel Hill Denham as lead manager, while South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were chosen as joint issuers.

Africa’s biggest telecoms firm had planned to list its Nigerian unit in 2017, as part of a settlement with the Nigerian government over unregistered SIM cards for which it was fined $1.7 billion fine.

It subsequently delayed the IPO due to market conditions.(Reuters/NAN)

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