MTN Nigeria will displace Dangote Cement Plc as Nigeria’s largest quoted company as the board of the telecommunication company on Thursday appointed the advisory team and set out a roadmap towards listing on the Nigerian Stock Exchange (NSE) in 2017.
Dangote Cement, Nigeria’s largest quoted company, currently has a market value of N3.07 trillion, about 32 per cent of the N9.633 trillion total market value of all quoted companies on the stock market. Dangote Cement has 17.04 billion ordinary shares and currently trading at N180.06 per share.
Market analysts on Thursday said MTN Nigeria’s valuation would more than double Dangote Cement’s and could raise market capitalisation to nearly N20 trillion.
The board of MTN Nigeria on Thursday announced the appointment of Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited as the joint transaction advisors and joint global coordinators for the proposed listing of MTN Nigeria on the NSE.
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Stanbic IBTC will serve as the lead issuing house in a team that would also include Nigerian receiving agents, banks and other advisers, which will be appointed in due course, as appropriate.
“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. At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions,” the company stated.
It should be recalled that as part of the conditions to settle its $3.4 billion fine by the Nigerian Communications Commission (NCC), MTN Nigeria had announced its intention to list its shares on the NSE as soon as commercially and legally possible.
The listing of MTN is expected to enliven the telecommunication sector of the NSE.
Previously listed telecommunication companies had failed to connect the much-talked about potential of the industry with investors’ returns. Starcomms was delisted after long-running losses.
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