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Stockbrokers upbeat over MTN’s share listing tomorrow

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Although the issue is still much under wrap, stockbrokers have expressed excitement to receive MTN Nigeria’s 20.4 billionshares at the local bourse tomorrow.

The much-awaited listing of MTN Nigeria shares on the Nigeria Stock Exchange (NSE), is expected to happen thursday, according to market sources.
  
Still, the bourse refused to confirm the development, except to confirm in an invite to The Guardian that “the NSE is pleased to welcome the Board and Management of MTN Nigeria Plc to the Exchange for the official listing of the company on the NSE Premium Board.”

It added that “they (MTN) will be honoured with our closing gong ceremony, and will deliver the Facts Behind the Listing presentation to capital market stakeholders.”

Close industry sources monitoring the trend insist the listing is already a don-deal, as the ding-dong speculations continue.

Besides, an MTN source, who spoke in confidence told The Guardian that the listing would happen tomorrow on the floor of the NSE, just as a stockbroker/Managing Director, Highcap Securities, Imafidon Adonri, said the same thing.

  
All things being equal, MTN is expected to list 20,354,513,050 ordinary shares at N0.02 each, as it had earlier said, after it successfully completed the registration of the shares with the Securities and Exchange Commission (SEC) on May 7.
  
MTN Nigeria will be doing a listing by introduction, which unlike an Initial Public Offer (IPO) means the company has already raised capital prior to the listing.
   
Furthermore, MTN had completed its conversion from a private company to a public company (Plc), in compliance with legal requirements ahead of the listing.
  
Adonri said the listing would become a mega and game-changer in the nation’s capital market, saying: “Yes, they are listing on Thursday. It is a major development that the capital market has been waiting for. It is a listing that would deepen the capital market; it will remarkably increase investment outlets in the market which is profitable, safe and liquid.
  
“Nigerians will now have the opportunity to share in the wealth that MTN is creating in Nigeria. We hope that this will encourage other iconic enterprises to list on the market.
  
The Founder, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, however urged the telecom operator to operate with high level of corporate governance, post-listing.
  
“The reality is that they are coming, and it is good for Nigeria. Nigeria has invested in the firm by giving them good patronage. I hope they will understand corporate governance especially the board. They will not regret our investment if the board keeps to the corporate governance, they will not regret our investment.”
  
Also speaking, the President, New Dimension Shareholders Association, Patrick Ajudua, said: “It is a welcome development because it would boost investors’ confidence, and improve the market capitalisation. It would afford Nigerians the opportunity to invest and become part of their wealth-creation process.

“We expect that there would be more transparency and accountability in their operations. They should also operate within the ambits of the Nigerian law.”
  
Revenues from the combination of voice, data, digital, service, and Fintech operations have pushed MTN Nigeria’s first quarter 2019 earnings up by 149.4 per cent, while reiterating its commitment to achieving medium-term targets.


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