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: 3,014

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

 

You may also like...
Why Okorocha wants Nwosu to be Imo Governor...

Senator Abe assures of speedy implementation of UNEP...

It will be a day of dust haze...

18 states shun TSA: Investigation

Nigerian Navy destroys 70,000 litres of oil in...

What is the worth of a Nigerian migrant’s...

The task ahead of Ohanaeze’s new President John...

70 incidents of violence recorded during Rivers re-run...

Zimbabwe: Is the tyranny over?

Anti-Buhari statement: My life is in danger —...

Prime minister sacked over corruption scandal

RIGHTSView: One year of the consumer rights campaign...

 

Latest News Dud Cheque: Court orders arrest of Senator Uzodinma APC reschedules presidential primary Schools shut in Anambra as flood disaster takes toll Sen. Dariye picks APC nomination form from prison Police Academy raises alarm over fake admission list Italian priest kidnapped in Niger APC must retain Osun, Buhari advises •Storms Osogbo with other party leaders to canvass votes for Oyetola Politicians in Borno recruiting armed thugs — NSCDC Artificial ripening of fruits causes cancer, liver, kidney diseases — Experts Flood: 30,000 persons displaced in Edo; 42 communities submerged Police warns against vandalism of campaign billboards Japanese billionaire set to be the pioneer tourist to the Moon

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (393,777 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,374 views) Shameless Genevieve Nnaji exposes breasts in public (306,845 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (249,589 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,075 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,051 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,076 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (180,698 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (164,765 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (162,850 views) Lagos plane crash: Journalist releases victims’ names (157,470 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,387 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,605) Business Verdict (51) Columnists (927) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (546) Features (651) Global Business Monitor (299) International (2,402) Interview (164) Live Commentary (28) Love Matters (143) News (38,945) Opinion (1,103) Pidgin (11) Politics (6,618) Religion (866) Sports (1,693) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement