MTN Nigeria Communications yesterday said it has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).
The company said in a statement that the completion of the registration process set in motion the next steps in its intended listing by introduction on the Nigerian Stock Exchange.
Speaking on the development, chief executive officer of MTN, Ferdi Moolman, said, “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process.
“We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process.”
Moolman stated recently that said the listing is part of its commitment to localisation in the markets in which it operates.
“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” he said.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”
SEC and the NSE had confirmed on Monday that they received an application from MTN requesting the registration of its existing securities.
“They have applied for listing by introduction, which will enable the company to be listed and allow shareholders to sell their shares on the floor of the Exchange,” SEC said.