MTN Nigeria Communications has announced that it has received approval to list on the premium board of the Nigerian Stock Exchange
The listing was scheduled on 16 May 2019 and was done by way of an introductory listing. This means that the shares of existing MTN Nigeria shareholders will be listed without any additional public sale of shares. From this point on, all shareholders of MTN Nigeria will be free to trade their shares on the NSE.
Commenting on the announcement, Ferdi Moolman, CEO of MTN Nigeria, 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 offer giving more Nigerians greater access to the MTN opportunity.”
Ralph Mupita, MTN Group chief financial officer, added, "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 also announced earnings for the first quarter ended 31 March 2019, recording a 13.4 per cent increase in service revenue. This was driven by an increase in voice and data revenue of 12.7 per cent and 32.4 per cent respectively, and the addition of 2.1mn active mobile subscribers to the network.
