Barely two hours to the planned listing of Airtel Africa Plc’s shares on the Nigerian Stock Exchange on Friday, the bourse announced the postponement of the listing, saying there were processes yet to be followed by the firm.
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The NSE, in a statement on Friday, said, “The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019.
“This postponement was necessitated by the need to ensure that the company meets all the post -NSE approval pre-requisites for listing on the NSE.
“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019.”
The NSE said it would provide further communication on the issue when all the conditions for the listing in its market had been met.
The NSE had on Thursday, said in a circular that it granted a waiver to the firm as it did not meet the minimum requirement of 300 shareholders as of the day the listing was approved by the National Council of the Exchange.
In contrast to a circular issued, the Chief Executive Officer, NSE, Mr Oscar Onyema, said there were processes yet to be followed and papers yet to be signed by the firm.
He said, “This is a highly-regulated matter; there are back-end processes that need to be followed by the company. As soon as all that is done, we will announce the new date of the listing; as of now, we have no date in mind.”
However, speculations are growing among analysts and investors that the postponed listing would be held on Monday, July 8.
Analysts at Vetiva Capital Management said, “The long-awaited secondary listing of Airtel Africa is set to be completed on Monday, July 8, 2019.
“This follows a postponement from the initially planned date of Friday, July 5, due to a manual allotment process of transferring the shares to new investors, which had left the listing with less than 300 individual shareholders, the minimum required for the listing to take place on Friday.”
They said Airtel’s addition of approximately N1.36tn in market capitalisation to the NSE would lift the bourse to a market cap of over N14tn, as well as effectively create a new major sector represented on the Nigerian exchange, the telecommunications sector.
In another development, the NSE said it had lifted the trading suspension placed on the shares of Conoil Plc.
In a notice on Friday, the NSE referred to its market bulletin dated July 2, 2019, with reference number: NSE/RD/LRD/MB34/19/07/02, wherein it notified dealing members of the suspension of 11 listed companies for non-compliance with Rule 3.1, rules for filing of accounts and treatment of default filing, and the rulebook of the Exchange.
The notice read in part, “Conoil Plc, which was one of the 11 companies that were suspended, has now filed its audited financial statement for the year ended December 31, 2018 to the Exchange.
“In view of the company’s submission of its audited financial statements and in pursuant to Rule 3.3 of the default filing rules.
“Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July 5, 2019.”
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