Africa’s biggest mobile network, MTN [JSE:MTN], is taking steps to ensure the listing of its shares on the Nigerian Stock Exchange (NSE), the company said on Thursday.
MTN’s listing on the NSE is part of a settlement arrangement with Nigeria’s government amid the company being fined last year for failing to disconnect 5 million unregistered SIM cards.
MTN previously faced a $3.9bn fine for the transgression but the company last month announced a settlement of 330 billion naira to the Nigerian government.
Another key part of the settlement was a promise by MTN to list its shares in the country.
“MTN Nigeria is pleased to announce that its board of directors has resolved to proceed with preparations for a listing of MTN Nigeria on The NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing,” said MTN.
“At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions,” said the company.
MTN further said that it’s hired Stanbic IBTC Capital and Citigroup Global Markets as its joint transaction advisors.
MTN currently has a listing on South Africa’s Johannesburg Stock Exchange (JSE) where its share price traded at R144.74 at 09:37 on Thursday with a market capitalisation of R266.76bn.