Johannesburg – MTN Nigeria is preparing for a listing on the Nigerian Stock Exchange (NSE) as soon as this is commercially and legally possible, it said on Thursday.
This comes as a result of a settlement between it and Nigerian communication authorities last month in which, in addition to paying a fine, the company agreed to list.
MTN’s Nigerian woes date back to October, when it was hit it with a record $5.2 billion fine for failing to disconnect unregistered users. The fine was later dropped to $3.9 billion, and MTN later settled, agreeing to pay R1.7 billion over three years and ensure it complies with all Nigeria’s regulatory conditions.
MTN Nigeria says it plans to list next year, subject to suitable market conditions.
“The proposed listing would be subject to suitable market circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.”