MTN Nigeria Transforms To Public Company Ahead Of Listing On Local Bourse
By Olumidagreaton April 24, 2019
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MTN Nigeria has completed its conversion from a private company to a public company ahead of its plans to list on the local bourse, the telecoms giant said on Wednesday.
The local unit of South Africa’s telecoms firm in a statement said the conversion to a public company was a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange (NSE).
MTN said the proposed listing on the NSE would create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
The statement quoted MTN Chief Executive Officer, Ferdi Moolman as saying the conversion is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.
“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.
“We look forward to continuing our engagement with the Securities and Exchange Commission (SEC) and NSE to take forward the listing process,” Moolman was quoted to have said in the statement.
In March, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full-service revenue of 17.2 percent and the addition of nearly six million new subscribers to the network.
The company announced Earnings Before Interest, Taxes, Depreciation, and Amortisation of N453.1bn and expanded EBITDA margins to 43.6 percent (excluding the CBN resolution amount).
The company added 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 percent and expanding to 18.7 million the number of people that it connects to the possibilities that the Internet provides.
According to the telecoms company, the upcoming listing is a key milestone for the MTN group and is part of its commitment to localisation in the markets in which it operates.
MTN said it was engaging with the SEC and NSE on its planned listing.
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