Business Nigeria: MTN Reveals IPO Details to SEC



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The MTN Group has met with the Securities and Exchange Commission (SEC) to discuss a possible initial public offering of its shares in the Nigerian stock market.

The South African firm, according to Reuters, also discussed how it wanted to structure the share sale.

SEC director general, Mounir Gwarzo, said MTN had discussed the possibility of issuing various classes of shares to targeted investor groups. He said the telecom firm was looking at three different classes, which would be new in Nigeria.

Gwarzo said the SEC was willing to support the share sale as long as it was within local laws and advised the telecom firm to ensure retail investors were protected.

MTN is the largest mobile phone operator in Nigeria with 57 million subscribers, and Nigeria accounts for a third of its revenue.


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