Rob Shuter, President and Chief Executive Officer of MTN Group, has finally disclosed the company’s listing plans at the MTN Group’s investor update conference call.
The company indicated that it is ready to list on the Nigeria Stock Exchange (NSE) by way of introduction by the first half (H1) of this year.
“We have decided to pursue the listing by means of a listing by introduction. It is phase one,” Shuter was quoted to have said during the call.
Shuter further said the move would enable the company to get listed easily, adding that findings showed that the free float in the Nigerian market would be about 35%.
Transcript of the call revealed that after the phase one, which would be completed by the first half of 2019, the shares would be open to Nigerian investors as part of the second phase of the listing.
“It means that we will list the company in the initial phases without any public offer or sell-down or initial public offering. I think this will enable us to get the company listed whilst the market still digests the implications of what has happened over the last few months,” Shuter said.
He added, “We will in phase two be doing a project to increase the Nigerian participation in MTN Nigeria, targeting more of a free float of around 35% than the free float we have today which is around 20%. So, we aim to conclude at least the listing by introduction in the first half of 2019, pretty much as soon as we can, and then subject to market conditions, appetite and demand we would in phase two do the sell-down.