MTN becomes 2nd largest company on Nigerian Stock Exchange upon listing

MTN becomes 2nd largest company on Nigerian Stock Exchange upon listing

Nigeria's biggest telecoms firm, owned by South Africa's MTN Group, listed in Lagos on Thursday in a flotation that made it the second-largest company on the exchange by market value after Dangote Cement.

Consequently, the NSE market capitalisation closed at N12.525 trillion up from N10.626 trillion when trading opened. Mekwunye claimed at the lower court that MTN through its appointed nominee, Stanbic IBTC Asset Management and Lotus Capital defaulted in a share investment agreement with him.He urged the court then to restrain MTN from listing its shares on the stock market pending the determination of the suit.

The listing by introduction means that the shares of existing MTN Nigeria shareholders were listed without additional public sale of shares.

MTN Nigeria, a part of the MTN Group, Africa's leading cellular telecommunications company, is the first telecommunications network provider to be listed on the NSE Premium Board, a listing segment for the elite group of issuers that meet the Exchange's most stringent corporate governance and listing standards. From this point, all MTN Nigeria shareholders will be free to trade their shares on the Exchange.

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Also in the originating summons, Mekwunye is asking the court to determine whether SEC can approve the listing of MTN shares in the NSE in view of the pending suit before the Supreme Court.In a motion on notice of interlocutory injunction, Mekwunye is praying the court for an order of interlocutory injunction restraining the defendants or their agents from advertising, publishing or listing MTN shares on the Nigerian Stock Exchange pending the hearing and determination of the substantive suit.

In its welcome address, Chief Executive Officer, NSE, Mr. Oscar N. Onyema, said: "We are delighted to welcome MTN Nigeria to the Exchange".

FINANCIAL WATCH gathered MTN Nigeria by this action, has joined seven companies already listed on the premium board of the NSE. Today's listing is a promising development in the country's telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.

Analysts at Capital Bancorp said they expected MTN Nigeria's share price to rise further, noting that while it is not impossible for the share price to fall below N90, it is highly unlikely. As a listing platform of choice, today's listing will add to our bouquet of diverse investment offerings to the public.

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