The Managing Director of Airtel Nigeria, Segun Ogunsanya last Friday said the company would leverage on data, voice and mobile money penetration to grow its earnings. Ogunsanya disclosed this while speaking to stakeholders in the capital market ahead the listing of Airtel Africa Plc on the Nigerian Stock Exchange (NSE).
After its primary listing on the London Stock Exchange last week, Airtel Africa shares were expected to list on the NSE last Friday at N363 per share. However, the listing was postponed and the NSE said the postponement was necessitated by the need to ensure that the company meets all the post approval pre-requisites for listing.
But speaking during the ‘Facts before the listing’ forum at the NSE, Odunsanya noted that apart working hard to ensure higher growth in earnings, the company would also be paying 80 per cent of its profit as dividend to shareholders. According to him, the listing would be done in the next few days after fulfilling regulatory requirements. Expected to be listed in the dual/cross-border listing on the NSE main board is the entire issued 3,758,151,504 ordinary shares of Airtel Africa Plc.
Also speaking, the Chief Executive Officer of NSE, Mr, Oscar Onyema, said the expected listing was a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the LSE and NSE.
According to him, this gives credence to the successful partnership between the two exchanges, and encouraging similarly situated companies to explore the different opportunities for raising capital on the exchange’s platform.
Onyema said: “Airtel Africa’s listing on the NSE will not only showcase the company as an established player in the African telecommunication industry, but will enable the firm to actualise its strategic vision “To enrich the lives of customers.” This listing is a result of many months of hard work by all parties to the transaction and will add N1.36 trillion to the market capitalisation of the exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa whilst differentiating its brand as a major player in the Telecommunication sector.” The NSE boss said the exchange would continue to support the telecom industry and the real sector by promoting efficient capital formation and allocation, enabling industries to raise long-term funds for growth & expansion of their business to reduce unemployment and sustain Nigeria’s economic growth and development.