N1.79trn listing makes MTN Nigeria’s 2nd largest firm

Mathew Dadiya, Abuja

Africa’s biggest mobile-phone company, MTN Group Ltd., is set to list its Nigerian unit, with trading starting around Thursday 10:30 a.m. in Lagos.

The South African firm has said the subsidiary, which will have a free float of 21%, will initially trade at 90 naira ($0.25) a share.

With a market capitalization of N1.790 trillion, equivalent to $5.1 billion, it will overtake Nestle Nigeria Plc to become the second biggest firm on the Nigerian Stock Exchange after Dangote Cement Plc, the main asset of billionaire Aliko Dangote.