MTN Nigeria has met with the management of the Securities and Exchange Commission to discuss a possible Initial Public Offering and share sale structure.
The Director-General, SEC, Mr. Mounir Gwarzo, said MTN had discussed the possibility of issuing various classes of shares to targeted investor groups. He said the telecom firm was looking at three different classes, which would be new in Nigeria.
Gwarzo said the commission was willing to support the share sale as long as it was within local laws and advised the telecom firm to ensure retail investors were protected.
In June 2016, the telecom firm announced that it would list its local unit on the Nigerian Stock Exchange after agreeing to pay a reduced fine of 1.7 billion dollars in a settlement with the Nigerian government over unregistered SIM cards.
Gwarzo said the company was yet to submit a formal application for the share sale.
MTN Nigeria has appointed Stanbic IBTC Capital, Standard Bank of South Africa, Standard Advisory London and Citigroup Global Markets, as joint transaction advisors and global coordinators. Stanbic IBTC is acting as lead issuer.