SEC Director-General Munir Gwarzo, said Monday that MTN had discussed the possibility of issuing various classes of shares to targeted investor groups, stating that the telecom firm was looking at three classes, which would be new in Nigeria.
According to him, the commission was willing to support the share sale as long as it is within local laws and protect retail investors.
Africa’s biggest mobile operator MTN is also the largest mobile phone operator in Nigeria with 57 million subscribers. The Nigerian market accounts for about a third of its revenue.
The MTN said it aimed to list its Nigerian unit in 2017, subject to market conditions, as part of an agreement with the Federal Government.
In June, the telecom firm said it would list its local unit on the Nigerian Stock Exchange after agreeing to pay a reduced fine of $1.7 billion in a settlement with the federal government over unregistered SIM cards.
Gwarzo said the company was yet to submit a formal application for the share sale, but MTN Nigeria has appointed Stanbic IBTC Capital, Standard Bank of South Africa, Standard Advisory London and Citigroup Global Markets, as joint transaction advisors and global coordinators. Stanbic IBTC is acting as lead issuer.