No plans to get listed on NSE, says MTN

MTN group, one of Africa’s largest telecommunications network, says it has no plans to get listed on the Nigerian Stock Exchange (NSE).

The company denied media reports saying it was planning to get listed in Nigeria, adding that only MTN Nigeria, not the MTN group, could be listed on the NSE.

Chris Maroleng, corporate affairs executive of MTN Group, released a statement on behalf of the organisation to express dissatisfaction with some reports emanating from a media session with its chairman, Phuthuma Nhleko, which she described as “grossly inaccurate”.

“MTN is particularly perturbed that despite the extensive engagements in the day, the media coverage around our results has been characterised by grossly inaccurate media reports and misinformation,” the statement read.

“We are disturbed by this as the issues being misrepresented are very material to our operations and stakeholders.

“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.”

MTN stressed that the listing of MTN Nigeria on the NSE still remains a consideration, not necessarily a plan.

“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.

“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.”

MTN group is listed on the Johannesburg Stock Exchange (JSE), with no plans to come to the NSE.