Invest Data Consulting Ltd

The Securities and Exchange Commission (SEC), on Wednesday confirmed that it indeed received and approved an application to register shares of telecoms giant- MTN Nigeria last week. A statement by the commission quoted Acting Director General of the SEC, Ms. Mary Uduk as saying that “MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted”. MTN had on Tuesday announced the registration of 20.4bn ordinary shares by the SEC. The move by MTN, according to the SEC, “is a further indication of the determination… to work with companies that are interested in the capital market. “We believe that this will also encourage other service providers to come to the market,” the commission added. https://investdata.com.ng/2019/05/mtn-to-list-shares-by-introduction-says-sec/

Contrary to the barrage of media reports, Nigeria’s capital market apex regulator- the Securities & Exchange Commission (SEC), on Sunday denied receipt of any application regarding an Initial Public Offering (IPO) from either telecommunication giant MTN Nigeria Limited, any of its advisers or representatives. The mass media has been awash with news of plans by the MTN Group to list its Nigerian unit worth $5.23bn later in the year in the debut IPO on the Nigeria Stock Exchange. The company is said to be preparing to file application to the SEC to launch the offer after getting approvals from existing investors. The fresh funds, at least $400m, being raised, according to the pre-IPO presentation seen by Reuters, will help reduce the company’s debt, just as proceeds would go into redemption of preference shares issued to existing investors who bought the shares 11-years ago and also cut its dollar exposure. MTN Nigeria has around 402 million shares in issue, the same amou...