26 Views

MTN Reveals When It Plans To List In Nigeria

MTN says it plans to list on The Nigerian Stock Exchange (NSE) in 2017, as part of a fine settlement agreement with Federal Government of Nigeria.

“MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on The NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing.

“At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions,” MTN said in a statement on Thursday.

The mobile operator has appointed Stanbic IBTC Capital (together with its affiliates, The Standard Bank and  Stanbic and Citigroup) as its joint transaction advisors and joint global coordinators with Stanbic acting as lead issuing house.

The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders, MTN said.

Earlier this month, MTN warned that a poor financial performance in Nigeria and South Africa – on top of a massive fine being imposed by the Nigerian government – would push the group’s headline earnings per share into the red.

MTN said that expects to report negative basic headline earnings per share (HEPS) and basic earnings per share (EPS) for its half-year results for 2016, compared to the reported HEPS of 654 cents and EPS of 653 cents in the year prior.

The expected decline in the HEPS and EPS is primarily as a result of the Regulatory fine imposed on MTN Nigeria, following a resolution with the Federal Government of Nigeria on 10 June 2016.

The Nigerian regulatory fine is expected to have an estimated negative impact of 474 cents on HEPS and EPS, respectively.

The Nigerian Communication Commission (NCC) hit MTN with a $5.2 billion fine last year, for failing to disconnect more than five million unregistered SIMs on its network.

This fine was later reduced by 25%, but MTN elected to take the matter to Nigeria’s courts. It later dropped the case and paid a “good faith” sum of ₦50 billion in an effort to achieve an amicable settlement.

The groups finally settled on an amount of ₦330 billion, paid over three years.

 

Source: Business Tech

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Felabration 2017: How Wizkid Helped This Crippled Fan Is Totally Heartwarming
Entertainment
Entertainment

Felabration 2017: How Wizkid Helped This Crippled Fan Is Totally Heartwarming

MT - October 18, 2017

Putting up an impressive performance at Felabration 2017, an event hosted in honour of Nigeria’s music legend, Fela who Wizkid said greatly influence him, the StarBoy Records…

VIDEO: Watch Gleeful Moment Davido Arrived Home From Panti Police Station
Entertainment
9 views
Entertainment
9 views

VIDEO: Watch Gleeful Moment Davido Arrived Home From Panti Police Station

MT - October 18, 2017

A video now shows the moment Davido arrived to his home in Lekki as a free man -ready to go back to making music after being released…

Tinubu Speaks on Gani Adams’ Emergence as Aare Ona Kakanfo of Yorubaland
Art, History and Culture
22 views
Art, History and Culture
22 views

Tinubu Speaks on Gani Adams’ Emergence as Aare Ona Kakanfo of Yorubaland

PH - October 18, 2017

Bola Ahmed Tinubu has congratulated the emergence of Gani Adams as the next Aare Ona Kakanfo of Yorubaland. “Dear Otunba, I congratulate you on your appointment as…

Why Nigeria Needs PDP to be as Strong as APC – Obasanjo
Politics
17 views
Politics
17 views

Why Nigeria Needs PDP to be as Strong as APC – Obasanjo

PH - October 18, 2017

Nigeria's former President Olusegun Obasanjo has reiterated that good governor in Nigeria is hinged on a strong opposition party. This way the party in power will not…

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation
Food and Health
43 views
Food and Health
43 views

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation

PH - October 17, 2017

Legendary Nigerian footballer and philanthropist, Nwankwo Kanu, is launching the biggest lotto in Africa to raise funds for the Kanu Heart Foundation (KHF) (www.KanuHeartFoundationNg.com) and help build…

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety
Politics
60 views
Politics
60 views

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety

PH - October 17, 2017

The Senator representing Abia South Senatorial District, Enyinaya Abaribe, has applied to the court to be discharged from the suretyship, bond and recognizance of the bail of…

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases
Shocking
46 views
Shocking
46 views

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases

PH - October 17, 2017

The Lagos State Domestic and Sexual Violence Response Team (DSVRT) yesterday has stated that 950 domestic and sexual violence cases have been reported this year alone, compared…

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem
Business
52 views
Business
52 views

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem

PH - October 17, 2017

Renowned sport analyst Biola Kazeem has taken to Twitter to express his thoughts on the inability of TSTV to commence operation 17 days after launching. He also…

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’
Entertainment
72 views
Entertainment
72 views

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’

MT - October 17, 2017

Nigerian singer Davido, who has been embroiled in some controversies recently over the death of some friends, says he ‘forgives’ all those who accused him of murder.…

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea
Entertainment
65 views
Entertainment
65 views

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea

PH - October 17, 2017

Nollywood film maker and actor, Omoni Oboli is grateful for the good news she received on her movie, ‘Okafors Law.’ Earlier this year, a court injunction stopped…

Queen Chanel of Iwoland Explains Why She Wears A Crown
Art, History and Culture
73 views
Art, History and Culture
73 views

Queen Chanel of Iwoland Explains Why She Wears A Crown

PH - October 17, 2017

Queen Chanel Chin, is the wife of Oluwo of Iwoland, Oba Abdulrasheed Akanbi. Born in Toronto, Canada, Queen Chanel’s dream of coming to Africa was fulfilled when…

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)
Lifestyle
65 views
Lifestyle
65 views

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)

MT - October 17, 2017

Getting married is one of the biggest decisions that you will ever make. You are entrusting the rest of your life into the care of another human…

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait
Art, History and Culture
56 views
Art, History and Culture
56 views

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait

PH - October 17, 2017

Former US President Barack Obama has handpicked artist Kehinde Wiley to paint his official Presidential portrait, Smithsonian’s National Portrait Gallery announced. Wiley is best known for his pieces showing African-Americans in hip-hop gears,…

Nigeria Wins Re-Election Into UN Human Rights Council
World Buzz
60 views
World Buzz
60 views

Nigeria Wins Re-Election Into UN Human Rights Council

PH - October 17, 2017

Nigeria has won a re-election into the UN Human Rights Council in Geneva for the 2018 to 2020 term at an election held on Monday at the…

FUNAAB Produces 203 First Class Graduates
Best of Nigeria
83 views
Best of Nigeria
83 views

FUNAAB Produces 203 First Class Graduates

PH - October 17, 2017

Ololade Enikuomehin, acting vice-chancellor, Federal University of Agriculture Abeokuta, said on Monday that the institution produced 203 first class graduates in the 2016/2017 academic session. The university also said…

Tagbo: 5 Things You Need To Know About Davido’s Late Friend
Entertainment
118 views
Entertainment
118 views

Tagbo: 5 Things You Need To Know About Davido’s Late Friend

MT - October 16, 2017

About two weeks ago, Nigerians woke up to the news of the death of one Tagbo Umeike, who was later introduced as a friend of Nigerian hip…

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams
Sports
57 views
Sports
57 views

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams

MT - October 16, 2017

Liverpool goalkeeper, Simon Mignolet was barely troubled by the Premier League’s top scorer, Romelu Lukaku on Saturday, but he is certain that important goals will come at…

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’
Politics
92 views
Politics
92 views

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’

MT - October 16, 2017

While speaking in an exclusive interview with The Sun Newspaper, achieftain of the All Progressives Congress (APC) and former governor of Abia State, Orji Uzor Kalu, state that…

Loading...