MTN Nigeria yet to file IPO app, securities regulator says

ABUJA (Reuters) – Nigeria's securities regulator said on Sunday, a much-anticipated share of $ 5 billion and help revitalize the local stock market.

The Securities and Exchange Commission's (SEC's) statement after the domestic media reported on Thursday that the local arm of the South African telecoms giant is ready for its shares to be listed.

"Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO," the regulator said.

The firm also needs to convert itself into a public company before it can sell its shares.

The SEC said in Sunday's statement that MTN Nigeria is private, it has had more than 50 shareholders, and there had been no request by the company or its advisers for any form of regulatory review.

MTN did not respond to a phone call, text message and email seeking comment.

According to pre-IPO documents seen by Reuters in February, the telecoms firm is scheduled to start trading at $ 400 million less than $ 5.23 billion.

Sources say the company wants to issue shares electronically. That has not been done before in Nigeria and needs new systems.

MTN has picked Nigerian investment firm Chapel Hill Denham as lead manager, while South Africa's Rand Merchant Bank, Capital Renaissance and Vetiva Capital were chosen as joint issuers.

Africa's biggest telecoms firm had planned to list its Nigerian unity in 2017, as part of a settlement with the Nigerian government over unregistered SIM cards for which it was fined $ 1.7 billion fine.

It is more important than the IPO due to market conditions.