MTN prepares to list on Nigerian bourse
MTN has converted its Nigerian unit into a public company before its planned listing on the Nigerian bourse.
MTN Nigeria said the conversion was a legal requirement to prepare for the listing and it was engaging with the Securities and Exchange Commission and Nigerian Stock Exchange.
The conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019, MTN Nigeria chief executive Ferdi Moolman said.
Nigeria is MTN’s biggest market, with 52.3 million users in 2017, and accounts for a third of the company’s annual core profit.
The company expects to list the unit without raising money from investors immediately, and has said it would simplify its capital structure before the listing.