MTN To Reconsider IPO

MTN To Reconsider IPO

Ralph Mupita, the Chief Financial Officer (CFO), MTN Nigeria, has come out to talk about the telecommunication’s plan to explore other means of trading its shares aside from being a listed company on the Nigerian Stock Exchange (NSE).

Mupita maintained that the new share unbundling idea is a work in progress, although the idea has not been finalized.

MTN had anticipated raising capital through an initial public offering on the NSE and implementing their Initial Public Offering (IPO). Now they have withdrawn from that because they are facing a combined $10 billion in claims from Nigerian authorities and may no longer seek to raise capital through an initial public offering on the NSE.

Mupita, however, disclosed that MTN may complete its listing by the end of this year or first quarter of 2019, saying this is irrespective of the dispute with the Central Bank of Nigeria (CBN) over the repatriation of $8.1 billion out of Nigeria and a separate tussle over $2 billion in back taxes.

 

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