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MTN:  10,497   -258 (-2.40%)  23/07/2018 00:00

MTN Nigeria yet to file IPO application, securities regulator says

(Adds context, timetable, managers)

ABUJA, July 8 (Reuters) - MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria's securities regulator said on Sunday, a much-anticipated share listing that could help revitalise the local stock market.

The Securities and Exchange Commission's (SEC's) statement came after domestic media reported on Thursday that the local arm of the South African telecoms giant was ready for its shares to be listed.

"Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO," the regulator said.

An MTN spokesman did not respond to a phone call seeking comment.

According to pre-IPO documents seen by Reuters in February, the telecoms firm planned to launch the IPO by July to raise funds to cut debt.

MTN has picked managers for the Nigerian IPO, and sources say the company wants to issue shares electronically. Nigerian investment firm Chapel Hill Denham is lead manager, while South Africa's Rand Merchant Bank, Renaissance Capital and Vetiva Capital were picked as joint issuers.

Africa's biggest telecoms firm had planned to list its Nigerian unit in 2017, as part of a settlement with the Nigerian government over unregistered SIM cards for which it was fined $1.7 billion fine.

It subsequently delayed the IPO due to market conditions. (Reporting by Felix Onuah and Chijioke Ohuocha Writing by Paul Carsten; Editing by Elaine Hardcastle)

2018-07-08 14:29:46

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