The MTN Group had commenced discussions with the Securities and Exchange Commission (SEC) , on its proposed $500 million Initial Public Offering (IPO). However, the telecom company was yet to formally file its application for the IPO.A News Agency of Nigeria source had disclosed.

According to MTN Group CEO, Rob Shuter, “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” He declined to provide more details on the process.

SEC reiterated its commitment to investors’ protection, and that their interest would be protected in the ongoing discussion, adding that SEC would remain committed to the development of the nation’s capital market and listing of more multinationals.

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

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 the June 2016 agreement it entered into with the Nigerian Communications Commission (NCC), to resolve the humongous $5.2 billion (later reduced to $1billion) fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

Nigeria is the largest of the telecom company’s 22 markets across Africa and the Middle East.

https://www.financialdigest.com.ng/blog/2018/04/26/500m-public-offer-sec-commences-discussion-with-mtn-group/