Fidelity bank banner UBA 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: 3,112

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...
US cracks down on Abuja-based terrorists

Needed: 3 inland ports in South-East: Senator Oduah...

APC suspends Senator Shehu Sani for criticising Governor...

Breaking News: Ajegunle wins Lagos Community Games

Xenophobia: Enugu youths threaten to destroy South African...

Motailatu Church Cherubim and Seraphim Worldwide celebrates founder...

Happening Now: Tension as police lays siege to...

Abia Govt. launches ‘Creative Hub’ to boost tourism,...

Obiano’s crackdown yields more results as police nab...

Dangote named one of the most powerful persons...

Naira bounces back powerfully, appreciates to N280/dollar

‘Prophet’ arrested for allegedly issuing fake recruitment letters...

 

Latest News Heads roll as missing journalist is confirmed killed in Saudi Consulate •How he died BLOODBATH: 55 killed in Kaduna Nnamdi Kanu’s reappearance, the beginning of Biafra’s independence — IPOB Be wary of Agatu girls, LG boss warns NAF personnel Unpaid Pensions: 900 Nigeria Airways retirees die Atiku’s Campaign Council: Umahi denies rejecting appointment Fayose won't be intimidated, ready to defend himself in court — Aide Viral Video: NANS gives Buhari 7-day ultimatum to probe Ganduje Anambra Building Collapse: Last trapped victim dies after rescue Lebanese jailed, forfeits $52,550, €32,250 to FG Why Abia women prefer fairly-used underwear Osinbajo declares Bayelsa flood a major disaster •Dickson calls for collaboration to resettle victims

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,711 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,956 views) Shameless Genevieve Nnaji exposes breasts in public (315,283 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,079 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,847 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,620 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,407 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,856 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,626 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,070 views) Lagos plane crash: Journalist releases victims’ names (161,731 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,490 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (69) Business & Economy (3,696) Business Verdict (52) Columnists (948) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,547) Interview (165) Live Commentary (28) Love Matters (145) News (39,755) Opinion (1,125) Pidgin (13) Politics (7,304) Religion (881) Sports (1,733) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement