MTN clarifies Nigeria listing comments

MTN has stated that the company is considering listing MTN Nigeria in Nigeria, and is not considering a secondary listing of the MTN Group in Nigeria.

The Sunday Times reported that MTN “intends to list its shares in Nigeria, but has yet to decide whether this will be a listing of its Nigerian business or a secondary listing of the group on the Nigerian stock exchange”.

The Sunday Times reported that MTN’s executive chairman Phuthuma Nhleko said MTN would keep its primary listing on the JSE.

MTN has now clarified this statement, saying that the correct comment, as expressed by Nhleko, 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,” said MTN spokesperson Chris Maroleng.

“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.”

Maroleng said the current shareholding in MTN Nigeria available for over-the-counter trading constitutes approximately 10% of MTN Nigeria.

The Sunday Times also reported that about $22 billion (R343 billion) was “stuck” in Nigeria, quoting MTN CFO Brett Goschen.

MTN said this is 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,” said Maroleng.

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MTN clarifies Nigeria listing comments