MTN Nigeria 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.
“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,” said MTN Group CFO, Ralph Mupita.
MTN Nigeria recently announced its earnings for the first quarter ended 31 March 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.]