Having filed a formal application for listing by introduction on the Nigerian Stock Exchange (NSE), the premiere private telecommunications company in Nigeria, with a customer base of 60.3 million, MTN is set to make a debut on the Nigerian Stock Exchange on Thursday, 16th of March.
This follows the completion of the necessary procedures as required by the Securities and Exchange Commission (SEC). A source from MTN confirmed the date while another source from the NSE gave certainty that MTN would debut in the NSE sometime this week.
The South African based company registered 20.345 billion ordinary shares at the rate of N0.02 each with the SEC. In commemoration of the success of the listing, Ferdi Moolman, the President and CEO of the company, dedicated the achievements to the team members that made such feat a reality;
“I am excited we have achieved another milestone in our listing process, and we want to thank the SEC and the corporate affairs commission (CAC) for supporting is through the process. We have now begun to engage with the NSE to begin the listing process”.
Mr Moolman also said that one of the perks of listing in the NSE is the participation of interested Nigerian investors to partake in the success of the company.
The release of the 2019 Q1 result definitely increased the budding interest of potential investors, seeing as it was a favourable one. The telecommunications giant was able to reel in increased service revenue by 13.4 per cent, increased voice revenue of 12.7percent, increased data revenue of 32.4 per cent, and increased digital revenue of 68.0 per cent while Fintech revenue moved up by 22.9 per cent.
Earnings Before Interest, Taxes, Depreciation and Amortization also had a boost of 11.5percent which came to a total of 53.3 per cent. Mr Moolman disclosed that;
“Our first quarter performance was in line with expectations, as service revenue remained resilient with double-digit growth on the back of improvements in voice and data revenues. We connected a further 2.1 million people to our network, providing them access to worldwide communication services, while an additional 1.7 million people are able to access the possibilities that the internet provides. This growth is built on our focus on customer-centric delivery and in particular on improved customer retention, our continuous focus on value for money propositions and further network roll-out and enhancement.”
The CEO stated that Nigeria is one of its key markets, hence, a very important factor in the company’s growth course. Furthermore, he said the upcoming listing is a key milestone for the MTN group and part of its commitment to localisation in the markets which it operates.
MTN’s listing proves a good strategy being an avenue that integrates different goals, some of which are involving a new class of investors and market expansion.