The Nigerian Stock Exchange on Thursday announced the listing by introduction of 20.35 billion ordinary shares of MTN Nigeria Communications Plc.
Details of the listing showed that the shares were introduced at N90 per share on the Nigerian bourse's Premium Board Thursday.
MTN Nigeria, a part of the MTN Group, Africa's leading cellular telecommunications company, is the first telecommunications network provider to be listed on the NSE Premium Board, a listing segment for the elite group of issuers that meet the Exchange's most stringent corporate governance and listing standards.
Commenting on the development, National Council President, NSE, Abimbola Ogunbanjo, said the bourse is particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with what he described as a landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE's listing criteria.
He said: "A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders.
"It is our expectation that the MTN Nigeria listing, which is the NSE's 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development."
On his part, the Chief Executive Officer, NSE, Oscar Onyema, said, "We are delighted to welcome MTN Nigeria to the Exchange. Today's listing is a promising development in the country's telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.
"As a listing platform of choice, today's listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of the Exchange's commitment to building a dynamic and inclusive market and creating channels for sustainable investment.
"This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development".
A statement by the NSE said it will continue to retool itself in many ways to remain an attractive destination for issuers, building a more responsive market, by deploying cutting edge technology for trading and reducing market infractions through improved market monitoring and surveillance.
The NSE also said that it has developed a market structure that has resulted in upscale securities listing such as SAHCOL Plc, the most recent company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an initial public offering and list its shares on The Exchange.
Apart from MTN, the NSE Premium Board features other companies like Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.