NIGERIA – MTN Nigeria, subsidiary of South African based telecommunication giant, MTN, has announced that it has completed its conversion from a private company to a public company (Plc).
The telecom company said the conversion to a Plc was in line with the legal requirements as part of its undertaking towards listing on the Nigeria Stock Exchange.
According to a report by the Punch, 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.
Speaking on the announcement, the MTN Chief Executive Officer, Ferdi Moolman, said that this marked a key milestone in the preparatory process for its listing which has been on its draw board for quite some time now.
“Our conversion to a Plc 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 and the NSE to take forward the listing process,” Ferdi said.
In March this year, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full service revenue of 17.2 per cent and the addition of nearly six million new subscribers to the network.
The company announced earnings before interest, taxes, depreciation and amortisation of US$1.26 billion (N453.1bn) and expanded EBITDA margins to 43.6 per cent (excluding the CBN resolution amount).
The company added 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 per cent and expanding to 18.7 million the number of people that it connects to the possibilities that the Internet provides.
“Nigeria is one of the largest markets within MTN’s portfolio and central to its growth strategy.
“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,” Ferdi highlighted while presenting the results.