{"id":254425,"date":"2016-10-03T12:46:38","date_gmt":"2016-10-03T12:46:38","guid":{"rendered":"http:\/\/citifmonline.com\/?p=254425"},"modified":"2016-10-03T12:46:38","modified_gmt":"2016-10-03T12:46:38","slug":"mtn-ghana-yet-to-commence-35-shares-float-sec","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/10\/mtn-ghana-yet-to-commence-35-shares-float-sec\/","title":{"rendered":"MTN Ghana yet to commence 35% shares float \u2013 SEC"},"content":{"rendered":"<p><strong>Citi Business News<\/strong>\u00a0has learnt that MTN is yet to conclude processes to allow it sell 35\u00a0percent of its stake in Ghana.<\/p>\n<p>This comes despite the Securities and Exchange Commission (SEC)\u2019s acceptance of the telecom company\u2019s decision to float shares to the public and allow local partnership in the company.<\/p>\n<p>The move also forms part of requirements following MTN\u2019s acquisition of one of the two 4G Licenses in December last year.<\/p>\n<p>\u201cWhat we know now is that MTN is not listing on the Ghana Stock Exchange (GSE) but it is floating shares to the public which means the shares will be traded on the \u2018over the counter\u2019 market and not through the Ghana Stock Exchange,\u201d Director General of the Securities and Exchange Commission, Dr. Adu Anane Antwi observed.<\/p>\n<p>Dr. Antwi however explains to <strong>Citi Business News<\/strong> his outfit would have preferred a complete listing by MTN on the domestic bourse.<\/p>\n<p>\u201cIt 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,\u201d he explained.<\/p>\n<p>The development also comes at a time that SEC is appealing for multinational companies to list on the stock market and improve Ghana\u2019s capital market.<\/p>\n<p><strong>Citi Business News<\/strong> understands some multinationals have already initiated processes to list on the GSE.<\/p>\n<p>Though it\u2019s been almost a year after MTN secured the license for 4G spectrum from the industry regulator, the National Communications Authority (NCA), Dr. Adu Anane Antwi believes the NCA would have intervened if the company had defaulted.<\/p>\n<p>\u201cI 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.\u201d<\/p>\n<p>It is however not clear how much MTN will be raising from the public as the Head of Issuers at SEC, Jacob Aidoo explains to <strong>Citi Business News<\/strong> the Commission is yet to receive full complements on the total value of MTN to determine the value of the 35 percent stake it intends to float.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi Business News\u00a0has learnt that MTN is yet to conclude processes to allow it sell 35\u00a0percent of its stake in Ghana. This comes despite the Securities and Exchange Commission (SEC)\u2019s acceptance of the telecom company\u2019s decision to float shares to the public and allow local partnership in the company. The move also forms part of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MTN Ghana yet to commence 35% shares float \u2013 SEC - Citi 97.3 FM - Relevant Radio. 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