(Ecofin Agency) - MTN Group has said it may postpone plans to list its operation on the Nigerian Stock Exchange (NSE) until 2018, as it is making efforts to resolve a regulatory dispute and awaits an economic recovery.
“It’s a work in progress and hopefully within the 12 to 18 month period, we will be able to do it. Regulatory issues need to be resolved, and the macro conditions need to have improved,’’ Phuthuma Nhleko, MTN Chairman and Acting Chief Executive Officer, told Fin24.
2016 was a very difficult year for Africa’s largest wireless carrier as the Nigerian government asked it to pay a heavy fine for refusing to deactivate 5.1 million unregistered SIM cards. As a matter of fact, the group’s listing on NSE is one of the measures imposed on the firm in settling the $1 billion fine. It said in July that the listing would take place in 2017, depending on market conditions.
“We’ve always intended to list - we have reaffirmed that with the government. Clearly, we can only list when the conditions are conducive,” Nhleko added.
