MTN Nigeria Gets Listed On NSE
On Thursday, 16th May 2019, MTN Nigeria will join the list of companies on the Nigerian Stock Exchange (NSE). They recently received the approval to list on the premium board. The company will most likely do this by way of an introductory listing.
The telecommunication firm said the introduction means that the shares will be listed without an additional public sale of shares. In a statement, they said, “From this point, all MTN Nigeria shareholders will be free to trade their shares on the NSE.”
The CEO of MTN Nigeria, Ferdi Moolman, while making a comment on the announcement said,
“It gives me great pleasure to confirm that the official listing via the introduction of MTN’s shares on the NSE will take place on Thursday, May 16. We appreciate the continued support afforded us by the government, regulators and people of this great nation. In particular, I would like to thank the staff and management of MTN Nigeria who worked tirelessly to make this day possible. This is just the beginning. We still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity.”
MTN Group CFO, Ralph Mupita, in a statement on behalf of the company also said
“This was driven by a 12.7% and 32.4% rise in voice and data revenue respectively, and the addition of 2.1 million active mobile subscribers to the network.”
The statement added,
“The company announced Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of N150.4 billion, and expanded EBITDA margins to 53.3% (44.2%, on an IAS 17 basis) due to growth in revenue and effective cost management.”
MTN recently announced that its earnings for the first quarter recorded a growth of 13.4% in service revenue. They also recently registered 20.35 billion ordinary shares with the Security and Exchange Commission. The company will list about 20 per cent of it on the Nigerian exchange market.
Prior to the planned listing, MTN appointed some new directors. One of them is former Central Bank of Nigeria (CBN) governor, Sanusi Lamido.
However, the NSE website did not give details about the number and price at which MTN’s shares will be listed. It explained that the company will address capital stakeholders with facts in a presentation.