MTN Nigeria Communications Plc says it has received approval to list on the premium board of the Nigerian Stock Exchange.
The company said in a statement on Wednesday last week, noting that the listing would be done on May 16 (Thursday, last week) by way of an introduction.
The value of the company would be N1.83tn after the listing of 20,354,513,050 shares at N90.
It explained that the listing by introduction meant that the shares of existing MTN Nigeria shareholders would be listed without an additional public sale of shares.
According to the statement, all MTN Nigeria shareholders will be free to trade their shares on the NSE.
The Chief Executive Officer, MTN Nigeria, Ferdi Moolman, said, “It gives me great pleasure to confirm that the official listing via 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 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.”
The Chief Financial Officer, MTN Group, Ralph Mupita, said the group was very pleased to take the first and important step towards increasing the local ownership of the company and building the equity capital markets in Nigeria.
MTN Nigeria, in its earnings for the first quarter ended March 31, 2019, recorded 13.4 per cent growth in service revenue.
The company said the growth was driven by a 12.7 per cent 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 amortization of N150.4bn 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.