As part of an agreement it reached with the Federal Government, MTN Nigeria has said it is planning to list on the Nigerian Stock Exchange (NSE).
According to a company source, “there’s a lot of preparation going on due to the listing, which is expected to happen this year and its Group Chief Executive, Rob Shuter, was in attendance at the board meeting”.
The Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but delayed the IPO due to market conditions.
The telecoms firm has now revived those plans and is considering hiring a public relations firm to manage communications ahead of the listing in addition to its South African advisers.
MTN has about 51.4 million subscribers in Nigeria, which accounts for about a third of its revenue.
In 2016, the telecom firm said it would list its local unit on the Nigerian Stock Exchange after agreeing to pay a reduced fine of $1.7 billion in a settlement with the Nigerian government over unregistered SIM cards usage.
Already, the firm has appointed Stanbic IBTC Capital, Standard Bank of South Africa, Standard Advisory London and Citigroup Global Markets, as joint transaction advisors and global coordinators, with Stanbic acting as lead issuer.