Nigeria’s biggest telecoms provider, MTN, has met with the Securities and Exchange Commission (SEC) to discuss a possible initial public offering (IPO) of its shares on the Nigerian Stock Exchange (NSE) and how it wants to structure the share sale.
According to Reuters, SEC Director General, Mounir Gwarzo, said MTN had discussed the possibility of issuing various classes of shares to targeted investor groups. He said the telecoms firm was looking at three different classes which would be new in Nigeria.
Gwarzo said the SEC was willing to support the share sale as long as it was within local laws and advised the telecoms firm to ensure retail investors were protected.
THISDAY checks further revealed that at the meeting, MTN also discussed the possibility of getting some concessions that will speed up the listing.
It was gathered that the joint financial advisers and issuing houses to MTN on the proposed IPO and listing – Standard Bank of South Africa Limited, Citigroup Global Markets Limited and Stanbic IBTC – accompanied the management of the company to the meeting with SEC.
“I can confirm to you that the management of the MTN Group and its advisors met with the SEC management. The main purpose was for them to ask for details of the procedure to embark on the IPO and the possibility of getting some concessions to fast-track the offer process.
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