MTN Nigeria has received approval to list on the Premium Board of The Nigerian Stock Exchange (NSE). The listing is set to proceed on Thursday May 16, 2019 and will be done by way of an introduction.
The listing by introduction means that the shares of existing MTN Nigeria shareholders will be listed without an additional public sale of shares. From this point, all MTN Nigeria shareholders will be free to trade their shares on the NSE.
Commenting on the development Ferdi Moolman, CEO of MTN Nigeria said, “It gives me great pleasure to confirm that the official listing via introduction of MTN’s shares on the NSE will take place on Thursday May 16.”
The News Agency of Nigeria reported on Tuesday that MTN, barring unforeseen circumstances, would be listing a total of 20,354,513,050 shares at N90 per share on May 16.
“This is just the beginning, we still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity,” Moolman added.
MTN Group CFO, Ralph Mupita, said, “As MTN Group we are very pleased that we are taking this first and important step towards increasing the local ownership of the company, and building the equity capital markets in Nigeria.”
MTN Nigeria recently announced its earnings for the first quarter ended March 31, 2019 recording 13.4 percent growth in service revenue. This was driven by a 12.7 percent and 32.4 percent rise in voice and data revenue, respectively, and the addition of 2.1 million active mobile subscribers to the network. The company announced Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of N150.4 billion and expanded EBITDA margins to 53.3 percent (44.2 percent, on an IAS 17 basis) due to growth in revenue and effective cost management.
Jumoke Akiyode Lawanson