Information available to Citi Business News indicate that MTN Ghana is yet to complete processes that will allow it to cede part of its operations to the public.
It comes a month after the telecommunication company commenced moves to cede 35 percent of its stake to the public through the floating of shares.
Though SEC had accepted the decision by MTN, the Head of Issuers at SEC, Jacob Aidoo explained that the Commission was awaiting full complements on the total value of MTN to determine the exact value of the 35 percent stake the company intends to float.
But Citi Business News sources say the telecommunication company has still not presented such documents to the regulator. It is unclear what is accounting for the delay as the company is yet to comment on the matter.
The decision to float shares also forms part of requirements following MTN’s acquisition of one of the two 4G Licenses in December last year.
The Director General of the Securities and Exchange Commission, (SEC) Dr. Adu Anane Antwi however explained to Citi Business News his outfit would have preferred a complete listing by MTN on the domestic bourse.
“It is welcoming news as Ghanaians will own the shares but it is more beneficial to the entire market when it is listed on the Ghana Stock Exchange. It will deepen the Ghana Stock Exchange as it will increase the size and put the GSE at a level that will be compared to other bigger exchanges across Africa,” he explained.
Though it’s been almost a year after MTN secured the license for 4G spectrum from the industry regulator, the National Communications Authority (NCA), Dr. Anane Antwi believes the NCA would have intervened if the company had defaulted.
“I think if they had gone outside the timeframe within which they had to complete, the regulator (NCA) would have complained or dealt with that matter.”
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana
