By ADEBISI ADEMOLA.
The Securities and Exchange Commission (SEC) has said neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the apex capital market regarding $400 million Initial Public Offering (IPO) on The Nigerian Stock Exchange (NSE).
MTN Nigeria’s IPO was set for August as part of telecom’s firm’s plans to restructure debts and fund local investments in Nigeria with its local currency.
The report explained that MTN Nigeria will be worth between N3.2 trillion and N3.9 trillion on the NSE on completion of the IPO
MTN hopes to raise $400 million from the IPO to pay preference shareholders to N330 billion by Nigeria’s Minister for Communication Adebayo Shittu.
SEC in a circular over the weekend signed by its Management nullify such publication, stating that the Nigeria’s biggest telecommunication company has not filed any application with them, and is not being delayed.
‘Our attention has been drawn to a publication in pages 1 & 38 of Business Day Newspaper of Thursday, July 5, 2018, and other media outlets wherein it was reported that “after 6 weeks delay by SEC, the MTN IPO was set to go”.
SEC noted that “The Commission wishes to categorically state that the information contained in the said publication is false, misleading and without merit.
“Additionally, the Commission would like to state that: MTN Nigeria Limited to the best of the Commission’s knowledge is a Private company limited by shares,
As at the date of this circular, neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,
“Given that there is no application from MTN before the Commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.
The Commission stated further that it welcomes filings aimed at deepening and broadening the capital market and stands ready to provide the necessary regulatory support adding that If MTN finally files a formal and complete application with the Commission, it would be treated with the usual diligence and urgency that is applicable to all such filings.
“Furthermore, we wish to remind all capital market operators of their duty not to furnish information, which is false, and misleading in any material particular as the Commission would not hesitate to take necessary regulatory actions on any erring market operator
“The Commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market,” the circular added.
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