Listing of MTN Nigeria on the Nigerian Stock Exchange
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1994/009584/06
Share code: MTN
("MTN" or the "MTN Group")
Listing of MTN Nigeria Communications Plc (“MTN Nigeria”) on the Nigerian Stock
MTN is pleased to announce that it intends to recommend to the MTN Nigeria Board to
approve the listing of its subsidiary, MTN Nigeria, by way of introduction on the
Premium Board of the NSE on 16 May 2019, thereby creating a new telecoms and
technology asset segment for the NSE. The listing of MTN Nigeria deepens the equity
capital markets base of the country, which makes it possible to broaden the
shareholding base of MTN Nigeria over time. The listing by introduction means that
the existing shares of MTN Group (78.8%), the Nigerian investors (19.4%) and other
investors (1.8%) will be listed without an additional public sale of shares. From
this point, all MTN Nigeria shareholders will be free to trade their shares on the
In terms of an NSE regulatory requirement, MTN Nigeria is required to publish a
commencement listing price. The outstanding matter relating to the disputed claim by
the Attorney General of the Federal Government of Nigeria has created uncertainty
over the valuation of MTN Nigeria. As a result, and in the best interests of all
shareholders, both current and future, the commencement listing price was set at N90
per ordinary share, which was determined with reference to private share sale
transactions by MTN Nigeria shareholders over the past 180 business days.
15 May 2019
J.P. Morgan Equities South Africa Proprietary Limited
Tamela Holdings Proprietary Limited
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