Telecommunication giant, Airtel Nigeria has officially filed an application with the Securities and Exchange Commission for the listing of its shares on the Nigerian Stock Exchange.
It was revealed by sources at the commission that the telecom company’s application was filed two weeks ago. The Security and Exchange Commission, SEC, was presently examining the application in line with its rules and regulations, the News Agency of Nigeria reported.
SEC would continue in its quest to protect the interest of investors in the market in line with its mandate to regulate and develop the capital market, the source said. The application would be given fast consideration if the company met all the requirements for listing on the nation’s bourse .
The parent company of the telco, Bharti Airtel, in its filing in London on Monday, said that it intended to list the shares on the NSE at the same time with the listing of its Africa unit at the London Stock Exchange.
However, it said its plans were subject to regulatory approval of the SEC and the NSE.
Its African unit had been set at a share price of 80 to100 pence a share for its initial public offer on the LSE to raise about $750m.
According to the India-based network operator, the offer is expected to comprise approximately 595.2 million to 744.0 million new shares to be issued by the company