Share price jumps 21% in 2 days of tradingInvestors on the Nigerian Stock Exchange and stakeholders waiting to purchase the shares of MTN Nigeria Communications Plc through an initial public offering may do so at a very high premium whenever the telco decides to float the IPO.
In addition, one analyst said the IPO may take a longer time to come, as the telco is said to be hiding under the alleged $2 billion tax liabilities slapped on them by the Office of The Attorney General instead of the Federal Inland Revenue Service to delay the public share offering that was expected to be beneficial to a whole lot of retail investors and stakeholders, while few existing shareholders are currently making hay in an illiquid market for MTN shares.
Another analyst insisted, “What they are trying to do is to manipulate their share price to a level, then do their IPO.” MTN Nigeria, which was previously indebted to Nigerian banks to the tune of N252 billion, last week signed an agreement for a fresh N200 billion syndicated loan with seven local banks. The company was to seal the seven-year medium term facility so as to pay off its preference shareholders.
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, had last September directed MTN Nigeria to pay $2 billion to the federal government, being taxes it allegedly failed to remit to the government in the past 10 years.
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