The Nigerian Stock Exchange (NSE) on Friday postponed the planned cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa.
The Exchange, in a mail, said that the postponement was necessitated by the need to ensure that the company met all the post NSE approval pre-requisites for listing on NSE.
“NSE will provide further communication on this issue when all the conditions for the listing in its market have been met,” NSE said.
The News Agency of Nigeria (NAN) reports that Airtel Africa listing was earlier scheduled to hold on July 5, with the listing of 3.76bn shares at N363 per share.
NAN also gathers that the company has not completed documentation with the Securities and Exchange Commission (SEC) for the commission to approve its application for listing.
A source close to the transaction told NAN that the company “has not completed its documentation.”
“They are still running helter-skelter to complete their documentation.
“Until that is done, the SEC cannot approve. So, the ball is in their court,” the source said.
NAN reports that on June 18, Airtel Africa officially filed an application with the SEC for listing of its shares on the NSE.