The Nigerian Stock Exchange has just announced that the planned Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from Friday.
According to the Exchange, the postponement was necessitated by the need to ensure that Airtel meets all the post NSE approval pre-requisites for listing on the Exchange.
The NSE stated that it will provide further communication on this issue when all the preconditions for listing on its board have been met.
The Nation recalled that one of the key issues was the failure of Airtel Africa to meet the number of required qualified and high net worth investors for listing on the Exchange.
Airtel was only able to gather 130 investors as against 300 under the rules of the NSE.
The Exchange had however on Thursday granted waiver to the telco and cleared it for listing today.
Market sources said the NSE had come under pressure not to be seen to prioritise its interest above investors interest. [THE NATION]