MTN Group has denied media reports that it would be listing on the Nigerian Stock Exchange (NSE). According to the company, it is only considering a secondary listing of the MTN Group in Nigeria.
Sunday Times reported that the executive chairman of MTN Group, Phuthuma Nhleko, said the company would remain primarily listed on the Johannesburg Stock Exchange (JSE). According to MTN, its executive chairman only said they would 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,” said MTN spokesperson Chris Maroleng.
Maroleng said the current shareholding in MTN Nigeria available for over-the-counter trading constitutes approximately 10 per cent of MTN Nigeria.
It was gathered that about $22 billion (R343 billion) was “stuck” in Nigeria, quoting MTN CFO Brett Goschen.
MTN said this was inaccurate. “MTN Nigeria has the cash equivalent of approximately R24.6 billion with some R26.2 billion in debt, implying a net debt position of R1.7 billion,” said Maroleng.
