Telecoms giant MTN Group this week, strongly denied that it plans to list on the Nigerian Stock Exchange (NSE).
In a statement issued by MTN’s Corporate Affairs Executive, Chris Maroleng, the group described the reports as untrue, stating that the listing of MTN Nigeria remains a consideration and not a planned listing, as suggested in some of the media reports.
“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.
“Furthermore, 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,” the telecom giant said.
It said “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”.
“Also worrying are reports that MTN has $US22bn stuck in Nigeria. This is completely inaccurate. MTN Nigeria has the cash equivalent of approximately R24.6bn with some R26.2bn in debt implying a net debt position of R1.7bn,” the Group said.