MTN intends to recommend to the MTN Nigeria Board that it approve the listing of its subsidiary, MTN Nigeria, on the Premium Board of the Nigerian Stock Exchange (NSE), thereby creating a new telecoms and technology asset segment for the NSE.
The listing by introduction means that the existing shares of MTN Group (78,8%), the Nigerian investors (19,4%) and other investors (1,8%) will be listed without an additional public sale of shares.
From this point, all MTN Nigeria shareholders will be free to trade their shares on the NSE.
In terms of an NSE regulatory requirement, MTN Nigeria is required to publish a commencement listing price. The outstanding matter relating to the disputed claim by the Attorney General of the Federal Government of Nigeria has created uncertainty over the valuation of MTN Nigeria.
As a result, the commencement listing price was set at N90 per ordinary share, which was determined with reference to private share sale transactions by MTN Nigeria shareholders over the past 180 business days.