MTN Nigeria Communications Plc will today (Thursday) list its shares on the stock exchange through an introductory listing.
In a press statement issued to the media on Wednesday, MTN Nigeria said the listing will be done by way of an introductory listing, which 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, the sratenent said.
Commenting on the announcement, Ferdi Moolman, CEO of MTN Nigeria, 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 the 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 even more Nigerians greater access to the MTN opportunity.”
MTN Group CFO, Ralph Mupita, said, “At the MTN Group, we are very pleased that we are taking this first and important step towards increasing the local ownership of the company and contributing to the deepening of Nigeria’s capital markets.”
MTN Nigeria recently announced its earnings for the first quarter ended March 31, 2019, recording 13.4% growth in service revenue. 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 company announced Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of N150.4 billion and expanded EBITDA margins to 53.3% (44.2%, on an IAS 17 basis) due to growth in its revenue and effective cost management.