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Planned listing by MTN excites shareholders

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Ahead of its listing on the Nigerian Stock Exchange, NSE, MTN Nigeria last week completed the registration of its securities with the Securities and Exchange Commission, SEC, and also obtained approval from the Commission to list its shares, thereby putting an end to years of waiting by domestic retail investors. Shareholders spoke on the proposed listing, saying that it is exciting development. Excerpts:

Stock Market

SMEs listing: ASEA identifies cost of listing, corporate governance as obstacle(Opens in a new browser tab)

By Nkiruka Nnorom

The listing is long overdue — Alhaji Gbadebo Olatokunbo, Co-founder, Nigeria Shareholders Solidarity Association

The news didn’t come as a surprise because the listing has delayed for too long. MTN should have been a quoted company on the Nigerian Stock Exchange, NSE, long ago if it’s a good corporate citizen. I believe that any company operating and making profit for a number of years from this economy must be quoted on the Exchange. MTN has made millions of dollars in Nigeria,yet it’s coming to our market through introduction. It is not good enough.

I am yet to see the value because it didn’t come to the market via public offer but through introduction of already existing shares, which will allow the company to play the market before any public offer, therefore capitalizing on high-price. Giving the company such opportunity is not too good.

An Initial Public Offer (IPO) or Public Offer (PO) should have been the right option. I hope that other telecommunication companies that list come after MTN will do that through public offer.

Listing will make Nigerians see it as Nigerian coy —Moses Igbrude, General Secretary,Independent Shareholders Association of Nigeria

It is good news and a welcome development. It is going to deepen the market as well as raise the market capitalization of the exchange. MTN’s listing in the market will open the way for other telcoms to follow suit. Listing their shares in the market will also make Nigerians see them as Nigeria. MTN choosing the option of listings by introduction is an option among others and is to give the existing shareholders an avenue to exit, while interested investors buy into the company. I am happy and excited about it.

My advice to the regulators and those managing the Exchange is to take advantage of this listing to encourage other telcoms to follow suit and also list their shares. Listing their shares will enhance their reputation and acceptability to the general public and eliminate the impression that they are only interested in taking from Nigeria.

MTN should be considerate with listing price — Patrick Ajudua, Chairman, New Dimension Shareholders Association

It is a welcome development and I think the listing will boost investors’ confidence in the market. This listing will bring more value to the market as it will add to the stock exchange’s market capitalisation.

Following the listing of MTN, we hope that other telecommunication companies like Airtel, Glo and 9Mobile will follow suit and take advantage of the opportunities in the stock market and get listed. As this company lists, we the shareholders are only praying for good and affordable price as well as consistent dividend payment after listing knowing fully well the effect of the bad economic climate on domestic retail investors.

The listing will encourage other telcos to follow suit — Lawrence Oguntoye, president, Distinct Shareholders Association of Nigeria

MTN’s listing is a welcome development. As at Thursday (May 8, 2019) there was information that MTN has finished registration of its securities with the Securities and Exchange Commission, SEC. I am excited about this development because it will add an intrinsic value to the stock market and will allow us, the local investors to buy the shares and benefit from the company’s wealth. I believe that this listing will spur other telecos to come to the market. This is an opportunity for those of us that have been waiting for the company to list its shares. However, I feel that undertaking either an initial public offer or public offer would have been better, but all the same, it is a good development.

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