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MTN Nigeria listing set for Thursday, valuing it at $5bn

Once listed it is expected to be Nigeria’s second-biggest public firm.
MTN registered 20.35bn ordinary shares with Nigeria’s Securities and Exchange Commission last week. Picture: Bloomberg

MTN Group said its long-awaited Nigerian listing will go ahead on Thursday with the price set at 90 naira ($0.25) per share.

The price was determined by referencing private share sale transactions by MTN Nigeria shareholders over the past 180 business days, according to the Johannesburg-based company.

Read: MTN Nigeria arranging naira funding as it prepares for listing

Africa’s biggest mobile-phone company registered 20.35 billion ordinary shares with Nigeria’s Securities and Exchange Commission last week. It plans to list around 20% of those on the bourse. The listing price gives the unit a market value of as much as 1.8 trillion naira, making it the second-biggest public firm in Africa’s main oil producer after Dangote Cement. It will be the largest when measured by revenue.

© 2019 Bloomberg L.P

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