Fidelity bank banner Bayelsa State banner
MTN postpones listing on Nigerian Stock Exchange

By News Express on 21/01/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,733

MTN chairman and acting CEO Phuthuma Nhleko.
MTN chairman and acting CEO Phuthuma Nhleko.

MTN may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country.

“It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,” MTN chairman and acting CEO Phuthuma Nhleko said at the annual meeting of the World Economic Forum in Davos, Switzerland. “Regulatory issues need to be resolved, and the macro conditions need to have improved.”

MTN agreed to list the unit in Nigeria as part of the settlement of a 330-billion naira ($1bn) fine imposed by the government for missing a deadline to disconnect unregistered subscribers. It said in July that the listing would take place in 2017, subject to market conditions. Since then, a senator’s allegations that it illegally moved $14bn out of the country has threatened to delay the process.

The Nigerian Stock Exchange all share index was the world’s worst performer last year among 94 indexes tracked by Bloomberg, losing 41% in dollar terms. The market slump came as the economy contracted for the first three quarters of 2016 due to lower oil revenue and capital controls deterring investment.

“We’ve always intended to list – we have reaffirmed that with the government,” said Nhleko, who will revert to his previous role as nonexecutive chairperson when new CEO Rob Shuter arrives in March. “Clearly, we can only list when the conditions are conducive.”

MTN shares have lost more than a third of their value since the fine was handed down in October 2015, and the company has overhauled management and toughened up its approach to regulators as a result.

The wireless operator had about 235-million customers across 22 countries in Africa and the Middle East as of the end of September.

MTN’s share price was little changed at R125 at 10.02am on the JSE on Friday, valuing the company at R236bn.

In July, MTN appointed units of Citigroup and Standard Bank to advise on the Nigeria listing.
•Text courtesy of Bloomberg.
 

Source News Express

Posted 21/01/2017 12:46:35 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
ACF mourns Ex-Governor Kure

FG bans Olamide, Davido, 9ice hit songs

Airtel partners Cross River Govt., adopts rural school...

9 firms bid to build new refineries in...

Taraba Govt. raises alarm over sudden withdrawal of...

Odili rejects award

Massive fraud uncovered in Amnesty office, heads to...

Whereabouts of 8 sailors abducted off Bayelsa coast...

Mass Wedding: Kano Hisbah Board to give out...

Amnesty Boss engages Delta stakeholders on security of...

Rap mogul Jay Z sets Twitter on fire...

Why I stopped using local contractors —Gov. Akpabio...

 

Latest News BREAKING: Croatia crush Argentina 3-0 to reach 2018 World Cup knockout stage The criminals in police uniform Witness to history DSS nabs 2 suspected Islamic State commanders in Abuja 2018 Budget: SERAP recommends ICC prosecution of lawmakers over cutting of critical projects Windstorm, Fire Disaster: Buhari weeps in Bauchi nPDP members to attend APC Convention: Baraje 2018 budget: FG to borrow N1.6tn to fund deficit N282.7m UBA fraud: Absence of witness stalls oil marketer’s trial Pharmacists destroy N452m worth of drugs Projects' probe: ICPC makes U-turn, withdraws charge against NDDC boss NERC grants electricity generation, distribution licences to Ariaria Market

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,344 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (351,736 views) Shameless Genevieve Nnaji exposes breasts in public (280,298 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,147 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,101 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,827 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,859 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,961 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,960 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,660 views) Lagos plane crash: Journalist releases victims’ names (143,871 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,695 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,260) Business Verdict (44) Columnists (870) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (505) Features (607) Global Business Monitor (283) International (2,045) Interview (154) Live Commentary (28) Love Matters (124) News (36,375) Opinion (1,004) Pidgin (10) Politics (5,297) Religion (770) Sports (1,553) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Portugal v Spain 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement