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Opening of MTN shares to Nigerians now second phase of IPO this year—CEO

Even as the seriousness of MTN in hitting the Nigerian Stock Exchange (NSE) remains cloudy in the minds of analysts, President and Chief Executive Officer (CEO) of MTN Group, Rob Shuter, has not only confirmed arriving the bourse before half year, but opening the shares to Nigerian investors will be part of the second phase of the listing.
Already market makers are upbeat that the listing of MTN Nigeria will dilute the concentration of industry composition of the Exchange and enhance overall market capitalisation.
Shuter was quoted as saying to an international online media group that “Shuter, during the MTN Group’s investor update conference call, said the telco has decided to pursue the goal by means of a listing by introduction, which is the first phase of the planned Initial Public Offering (IPO).
“It means that we will list the company in the initial phases without any public offering or sell-down or initial public offering. I think this will enable us to get the company listed, while the market still digests the implications of what has happened over the last few months,” he said.
However, a number of Nigerian market followers have expressed happiness on the ongoing preparation by the telecom giant to make Nigerian part owners of the company by way of share offers, some are still skeptical that preparation may become endless this year considering intractable issues bordering on breaches and associated sanctions on the South African telecom group.