The Nigerian Stock Exchange (The Exchange or NSE) has postponed the planned Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc scheduled to hold today, according to reports reaching eWorldNews.
The NSE said the postponement was due to the need to ensure that the Company meets all the post NSE approval per-requisites for listing on the NSE. However, the Facts before the Listing event will hold as planned on Friday, July 5, 2019.
The NSE said it would provide further communication on this issue when all the conditions for the listing in its market have been met.
The NSE had granted a listing waiver to Airtel Africa Plc as the company did not meet the minimum requirement of 300 shareholders as of the day the listing was approved by the National Council of the Exchange.
The NSE had said in a circular on Thursday that Airtel Africa, the parent company of Airtel Nigeria, would be listing through a cross border secondary listing at N363 per share, following an Initial Public Offering by way of book building.
Secondary listing arises when securities already listed on a primary exchange are subsequently listed on other securities exchanges. The issuer is not subjected to the full requirements applicable to listing on the other securities exchange(s) at which it seeks a secondary listing.
In this case, Airtel Africa’s primary listing exchange is the London Stock Exchange while the NSE is the secondary listing exchange.
