The long-awaited listing of the shares of South Africa-based, mobile network provider, MTN, will now be executed in two phases for better value, which will commence at the end of the second quarter or at the latest early third quarter.The phased listing, which will not be as big and extensive as initially anticipated, is to enable the network operator to get better value for its shares, while resolving other outstanding issues with the Federal Government.

MTN Chief Executive Officer (CEO), Ferdinand Moolman, who denied that the much-hyped listing and initial public offering (IPO) by the telcom firm is being used as bait in its row with the Government, insisted that the network provider is committed to the offer.

Besides, he revealed, Nigerians already owned 20 per cent of MTN shares, which are not publicly traded, but were sold through over-the-counter (OTC), and other investment schemes, while the listing at the Nigerian Stock Exchange (NSE), will usher in more indigenous investors.


Moolman and his team of managers told senior journalists in Lagos yesterday that the offer is now been phased as a show of commitment to the IPO, saying: “MTN has always been very serious about listing. There was a lot of work that we did on the listing and our thought was to list in 2018.

“We needed to change to a public company because we are a private company at the moment before we can list. We need to send our directors to training for compliance with SEC requirements. So a lot of work had happened to prepare for the listing. Then the CBN issue happened.”

The Central Bank of Nigeria (CBN), in August last year, had ordered MTN to refund to its coffers the sum of $8.1billion allegedly repatriated illegally, which was later settled out of court, with the payment of $52.6million in fines by the network operator.

In this regard, Moolman argued that it would have smirked of irresponsibility if the listing was done while these issues were raging. “Truth be told, it would not be wise to offer shares to the public if we had outstanding issues still hanging. We thank God we were able to resolve it on the 12th of December. So now we are feverishly working toward listing, and we plan to do the listing before the end of H1 or early Q3 of this year.”

He said the initial listing will happen despite MTN’s current row with the Attorney-General of the Federation (AGF), Abubakar Malami, in September last year, had slammed the company with $2billion in outstanding taxes for 10 years.

On whether the market would remain as excited as twhen the news of the IPO broke in 2016, Moolman assured MTN’s good performance and balance sheet in 2018, is more than enough to show investors that “There is a lot of value we can bring to this market; and we anticipate to do it in two phases – the first phase will be to list and then start trading in our shares and then lifting it for bigger participation.”

MTN had initially hoped to raise up to $500million from the IPO, which plan was revealed in 2016. But constant postponement of the offer had damped investors’ appetite for the investment, which is anticipated to be the biggest ever in Nigeria.The telecom firm in its 2018 financial reported over N1.037trillion in revenue about 17 per cent growth year-on-year, boosted by contributions from its Voice, Data, Fintech, and Digital platforms, from a capital investment of over N2.5trillion in the network so far.

https://www.akelicious.net/2019/03/mtn-ipo-to-be-executed-in-two-phases.html

Hmmm

Money wahala

Now they want to seel shares worth 500 million dollars after they ripped of millions of Nigerians. People please don't buy an inflated share price, give it few months or years , it'll be cheaper in this case.

Did anyone remember when MTN sim card only use to be ₦35,000 ?

UCL matchday highlights
http://www.blog.sebastienmenard.net/19458//A7F0c/?sc=1&sc=1&l=1&ppy=4900658&i=4900658

naijaguy1234:
Now they want to seel shares worth 500 million dollars after they ripped of millions of Nigerians. People please don't buy an inflated share price, give it few months or years , it'll be cheaper in this case.

Did anyone remember when MTN sim card only use to be ₦35,000 ?

people still use Mtn

PrinceCharmings:
people still use Mtn

No...they use Ntm! Nonsense question

Please be careful...
Read the prospectus properly

At the end of the day, they will still sell it secretly like the way they did 10years ago, besides I don't trust anything mtn, at the mention of MTN it always sound like theif not withstanding I struggle to get small mtn share for my daughter.

Mtn get sense o. These guys are looking for soft landing from the govt. Na Nigerian politicians go buy 80%of those shares..

Airtel for life...

PrinceCharmings:
people still use Mtn

still the best network

Mtn is a scam.. Anyone ever wondered the extent at which mtn deducts data ? There own pass oil bunkering ! They de swap anything..

prince3009:


No...they use Ntm! Nonsense question

Who use mtn .yuck.

KINGwax007:
still the best network

it's a scam

No ideas

naijaguy1234:
Now they want to seel shares worth 500 million dollars after they ripped of millions of Nigerians. People please don't buy an inflated share price, give it few months or years , it'll be cheaper in this case.

Did anyone remember when MTN sim card only use to be ₦35,000 ?

Totally agree. MTN is only selling now because it is not growing anywhere as fast as it did in the good old days. The market is largely saturated. They sell the shares, make a kill and then new owners see that its not as profitable as it once was and then share price comes down. Those who were too excited about buying telecoms and bought Starcomms lived to regret. Fine, MTN and Starcomms are not in the same category, but the concept is the same. Owners of Starcoms sold a dead business to Nigerians and took off, leaving investors with crap.

[quote author=KINGwax007 post=76640005][/quote]

IPO is the poor man's way of investing in the stock market
I was beaten in 2007
Lost millions
If its not OTC ( over the counter ) or private placement
This is just a way to take from the poor to feed the rich

IPO, easy and legal way to cash-out when you foresee a business may go south.

These guys are sharp.

Nigerian youths and their ignorance! Like the idiotz above but still trying hard to show they are smart