By Nse Anthony-Uko
(Sundiata Post) — The Securities and Exchange Commission (SEC) has confirmed of MTN Nigeria Limited not filling application regarding its Initial Public Offering (IPO) yet to the Commission.
This debunks several media reports which have suggested that approvals have been obtained. The commission said that neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding an Initial Public Offering (IPO).
The commission in a circular in Abuja at weekend signed by its management, said its attention has been drawn to a publication in some media outlets wherein it was reported that “after six weeks delay by SEC, the MTN IPO was set to go”. According to the SEC, the information contained in the said publication is false, misleading and without merit.
“Additionally, the commission would like to state that MTN Nigeria Limited to the best of the commission’s knowledge is a private company limited by shares. As at the date of this circular, neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO.
“Given that there is no application from MTN before the commission, there could not have been a request by MTN or any of its representatives or advisers requiring any form of regulatory review.” SEC stated further that it welcomes filings aimed at deepening and broadening the capital market and stands ready to provide the necessary regulatory support.
It added that if MTN finally files a formal and complete application with the Commission, it would be treated with the usual diligence and urgency that is applicable to all such filings.
“Furthermore, we wish to remind all capital market operators of their duty not to furnish information, which is false, and misleading in any material particular as the Commission would not hesitate to take necessary regulatory actions on any erring market operator.
“The commission remains committed to its core mandate of investor protection and maintaining the integrity of the Nigerian capital market” the circular added. MTN Nigeria early in the year discussed plans to list its shares on Nigerian Stock Exchange (NSE), at its board meeting, with the aim to launch its Initial Public Offering this year.