MTN to Sell 30% of its Nigerian Company proposes $500b IPO on NSE

The Securities and Exchange Commission (SEC) on Wednesday confirmed that MTN Group had finally commenced discussions with the commission on its proposed 500 million dollars Initial Public Offering (IPO).

A senior management staff of SEC who pleaded anonymity told the News Agency of Nigeria (NAN) in Lagos that MTN had commenced discussion with the commission on the IPO.

The source told NAN that although talks were ongoing, the company was yet to formally file its application for the IPO.

He said the commission was committed to investors’ protection, and that their interest would be protected in the ongoing discussion.

The source said SEC would remain committed to the development of the nation’s capital market and listing of more multinationals.

Another source at the Nigerian Stock Exchange (NSE), who declined to be mentioned, also told NAN that the NSE had not yet received an official filing from the company.

There were reports recently that MTN Group Ltd. was perfecting plans to raise about 500 million dollars from the sale of shares in its Nigerian business in the first half of 2018.

Standard Bank Group Ltd. and Citigroup Inc. had been advising MTN on the disposal of as much as 30 per cent of its Nigerian unit on the NSE.

MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay one billion dollars fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

NAN reports that MTN recently appointed a Nigerian investment firm, Chapel Hill Denham, as lead manager for the planned sale of 500 million dollars shares in its Nigerian business during the first half of this year.

It also appointed South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.

The telecoms firm also appointed seven placement agents that would help market the shares. NAN

Comments

MTN Launches 5G technology: First in Africa

MTN says it has achieved download speeds of more than 20 gigabits per second in its first trial of fifth-generation (5G) technology. “This is the highest achieved on a mobile network in Africa‚” the service provider said in a statement on Monday. It said it was ready to deploy the technology commercially but could not do so until it had access to additional frequency spectrum. The Independent Communications Authority of South Africa‚ which regulates spectrum‚ has not yet allocated spectrum for 4G infrastructure‚ TechCentral reported‚ forcing operators to reallocate 2G and 3G spectrum. Said MTN South Africa chief technology and innovation officer Giovanni Chiarelli: “There is no doubt that 5G will offer the consumer higher speeds and lower latency‚ but to achieve this we need the capacity that comes with additional spectrum. MTN has a 4G license in Nigeria and could look forward deploying the technology in the country in the near future. MTN has collaborated with...

Breaking: Queen Elizabeth to Step down, Names her successor

Just in : The longest-standing British monarch is preparing to take her final curtsy. Queen Elizabeth, who turns 92 years old tomorrow, issued a formal request for the Commonwealth Heads of Government to appoint her son, Prince Charles, as her successor during an official meeting at Buckingham Palace yesterday. She said, “It is my sincere wish that the Commonwealth will continue to offer stability and continuity for future generations and will decide that one day the Prince of Wales should carry on the important work started by my father in 1949.” The monarch went on to say that she hopes Prince Charles will carry on her legacy, adding, “By continuing to treasure and reinvigorate our associations and activities, I believe we will secure a safer, more prosperous and sustainable world for those who follow us: a world where the Commonwealth’s generosity of spirit can bring its gentle touch of healing and hope to all.” Prince Charles is the first in a long list of heirs to ...

5 ways to become more attractive to others

Feeling good about yourself makes you attractive to others. As you love yourself, life becomes less burdensome and relationships become easier and more spontaneous. You don’t spend your time second-guessing what others are thinking about you and where you stand in your various relationships. When you have an internal sturdiness deep within your core, you smoothly adapt to the inevitable ups and downs that come with relationships. Here are five ways anyone can make themselves more attractive in relationships. 1. Don’t take yourself so seriously. You do not have to be perfect to have solid relationships and love in your life. In fact, it’s being imperfect that puts people at ease. There is a kind of intimacy that takes hold, a sense that you can be open with this person because they are being open with you. Of course, it’s important to connect with supportive and non-toxic people. Generally speaking though, most of the time and with most people, the negative sentiments others ...

8 Signs He will Never stop Loving You

You recognize your guy is a keeper, however the phrase ‘forever' nevertheless leaves you with doubts. men may be subtle of their approach at showing love, but there are eight clean symptoms that the man who will by no means stop loving you will show without you even understanding it. 1. he's absolutely committed To You And the relationship this does not imply he is there for only the best times, but he's there via all of the horrific as properly. He does not run out after a small fight or intentionally tear you aside along with his words. you're so critical to him and he could in no way permit some thing get inside the way of that. 2. He Does The Little matters that matter if you have a hectic day ahead of you, he tries to lighten the load with the aid of making the bed, cooking breakfast or losing the kiddos off at faculty due to the fact he is aware of that is what you need. He may not love doing away with the trash or folding the relaxation of the laundry fo...

SEE WHY THE WORLD DISRESPECTS AFRICA.

A former American Ambassador to Nigeria has spoken out about why the rest of the world still disrespects the African continent Amb. Walter Carrington (OFR), a former American Ambassador to Nigeria, has said that the failure of Africa to fully realise its potential has earned it scorn rather than respect in the comity of nations. The outspoken diplomat noted that the failure of the continent’s leaders to guarantee socio-political development was robbing it of an enviable place on the global scale. Carrington dissected Africa’s dilemmas in Lagos on Monday when he delivered a lecture titled Nigeria and Africa in a Changing World. The event, which also witnessed the presentation of Defend the Defenseless, the memoir of the ambassador’s wife, Dr. Arese Carrington, attracted many dignitaries from all walks of life. While the former Chairman of Punch Nigeria Limited, Chief Ajibola Ogunshola, was the chairman on the occasion, the Oba of Lagos, HRM Rilwan Akiolu, ...

Nigeria Becomes 7th Largest country in the World

With a population of 198 million, Nigeria is now the 7 th most populous nation on earth and the largest in Africa. According to Chairman of the National Population Commission, (NPC), Eze Duruiheoma who spoke in London on Nigeria’s statement on sustainable cities, human mobility and international migration at the 51st session of commission on population and development, Nigeria currently rank as the 7th most populous nation in the world. Duruiheoma said urban population was growing at an average annual rate of about 6.5 percent, adding that teenagers, women of child-bearing age and the working age population, were more engaged in urbanisation. “Nigeria remains the most populous in Africa, the seventh globally with an estimated population of over 198 million,” Duruiheoma said. “The recent World Population Prospects predicts that by 2050, Nigeria will become the third most populated country in the world. “Over the last 50 years, Nigeria’s urban populatio...

Russia2018: Argentina's goalkeeper Romero Ruled out of world cup with knee injury

All hell is against Messi carring the world cupas Argentina’s World Cup preparations suffered a big blow on Tuesday as goalkeeper Sergio Romero was ruled out of the tournament with a knee injury, said the Argentina Football Association (AFA). The Manchester United goalkeeper injured his right knee during training in Buenos Aires on Tuesday. “Romero will be removed from the list of 23 players who will participate in the 2018 World Cup in Russia,” the AFA said in a statement. Romero, 31, is the most capped goalkeeper in the history of the Argentina national team with 83 appearances and represented the country at the 2010 and 2014 World Cups. The AFA said Romero had suffered a blockage in his right knee and was being evaluated surgically. A replacement will be announced “in the coming days,” the statement said. As well as his World Cup experience, Romero has represented Argentina in three Copa Americas and was also a member of the side that won gold at the 2008 Bei...

MY SURE NEWS

Search This Blog