The Nigerian Stock Exchange on Tuesday approved the listing of MTN Nigeria shares on the nation’s bourse.
A senior management at the NSE, who pleaded anonymity, told the News Agency of Nigeria that MTN Nigeria’s application for listing was approved on Tuesday.
The source said the company, barring unforeseen circumstances, would be listing a total of 20,354,513,050 shares at N90 per share on May 16.
The source told NAN that the company had completed all the necessary steps required by the exchange for listing, which led to the approval.
NAN reported that MTN Nigeria shares, when listed at N90 per share, would emerge the second largest company on the nation’s bourse after Dangote Cement, with a market capitalisation of N1.83tn.
The Securities and Exchange Commission recently confirmed the approval of MTN Nigeria’s application to be listed on the NSE by way of introduction.
Below is the press release by MTN;
MTN Nigeria Communications Plc (“MTN Nigeria”) is pleased to announce that it has received approval to list on the Premium Board of The Nigerian Stock Exchange (“NSE”).
The listing is set to proceed on 16 May 2019 and will be done by way of an introductory listing. The listing by introduction 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.
Commenting on the announcement, Ferdi Moolman, CEO of MTN Nigeria 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.”
MTN Group CFO, Ralph Mupita said ” 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 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 revenue and effective cost management.