MTN has not yet applied for a listing in Nigeria: regulator

Contrary to media reports that MTN Nigeria was ready to list it shares on the Nigerian stock exchange next month, the local regulator says that it has received no application from the telecoms group for the IPO.

Nigerian media last week reported that MTN was ready to go live with the IPO in August, following a 6-week delay by Nigeria’s Securities and Exchange Commission (SEC), citing an unnamed source close to the matter.

However, the SEC has refuted the report, saying that it has, to date, not received any application from MTN, MTN Nigeria or any of its advisers.

“The commission wishes to categorically state that the information contained in the said publication is false, misleading and without merit,” it said.

“As at the date of this circular, neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO. Given that there is no application from MTN before the Commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.”

According to Reuters, which saw pre-IPO documents in February 2018, MTN planned to debut on the stock exchange by July and raise at least $400 million (R5.3 billion) to cut debt for its Nigeria unit, valued then at $5.23 billion (R70.3 billion).

Read: Why MTN is the most valuable brand in South Africa

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MTN has not yet applied for a listing in Nigeria: regulator