No date has been fixed for an Initial Public Offering by the local unit of telecommunication giant, MTN, which listed on the Nigerian Stock Exchange (NSE) by introduction Thursday, the Chief Executive Officer said.
The date for the offer will be determined by “market condition,” Ferdi Moolman said at the NSE’s Facts Behind the Figures, after the listing in Lagos.
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Moolman said MTN, a South African company, was committed to deepening its ownership base in Nigeria assuring that it would maintain its dividend policy of 80 per cent of its distributable income.
The share gained 10 per cent, the maximum price increase allowable on the Nigerian bourse, on its first day of trading.
Moolman further revealed that the telecom company had six revenue segments, which include Voice, Data, Fintech, Digital, Wholesale and Enterprise.
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“Our decision to get involved in the Fintech space is to bridge the financial inclusion gap that has over 30 million Nigerian unbanked,” he said.
He said there were 1,800 staff in MTN Nigeria, noting that over 16 million subscribers with no airtime connect with their families and friends using the Borrow Me Credit.
