MTN Nigeria Communications Plc, has announced it has received approval to list its shares on the Premium Board of the Nigerian Stock Exchange (NSE).
The listing is set to proceed today and will be done by way of an introductory listing indicating the NSE now have a telecommunication company on its board.
The listing by introduction means that the shares of existing MTN Nigeria shareholders will be listed without an additional public sale of shares and from this point, all MTN Nigeria shareholders will be free to trade their shares on the NSE. This is coming after the Securities and Exchange Commission, (SEC), confirmed that an application by MTN Nigeria to register its existing securities has been approved.
Commenting on the announcement, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, said “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 Offering giving more Nigerians greater access to the MTN opportunity.”
Also speaking, Chief Financial Officer, MTN Group, 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”
The telecom giants recently announced its earnings for the first quarter ended March 31, 2019 recording 13.4 per cent growth in service revenue.
This was driven by a 12.7 and 32.4 per cent 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 Amortisation (EBITDA) of N150.4 billion and expanded EBITDA margins to 53.3 per cent (44.2 per cent, on an IAS 17 basis) due to growth in revenue and effective cost management.