The MTN Group will not do a secondary listing in Nigeria but could consider listing MTN Nigeria, which is a subsidiary of the MTN Group in Nigeria. Chris Maroleng, Corporate Affairs Executive, MTN Group, made this clarification in a statement issued on 6 March 2016.
The statement expressed concern over misrepresentations of the media briefing addressed by Executive Chairman, Phuthuma Nhleko and his senior leadership team on 3 March 2016 to announce the release of the group’s 2015 full year results.
“Of particular concern are reports attributed to our senior executives, purporting that MTN Group is planning to list in Nigeria. This is grossly inaccurate. The correct comment, as expressed by the Executive Chairman, is that MTN could consider listing the local operation, MTN Nigeria, not the Group. As a result, reports that MTN is considering a secondary listing in Nigeria are misleading.”
The statement further emphasized that “the listing of MTN Nigeria, as indicated in the media briefing, remains a consideration, it is not a planned listing, as suggested in some of the media reports. Also important to correct is that the current shareholding in MTN Nigeria available for Over-The-Counter (OTC) trading constitutes approximately 10% of MTN Nigeria.”
MTN group also denied that it has US$ 22billion cash stuck in Nigeria. “This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6bn (N320.40 billion) with some R26.2bn (N341.44 billion) in debt implying a net debt position of R1.7bn (N22.15 billion).”
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 31 December 2015, MTN recorded 232.5 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia