MTN Nigeria Communications Plc says it has received approval to list on the premium board of the Nigerian Stock Exchange.
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.”
MTN Nigeria is expected to boost the market capitalisation of the NSE by N1.83 trillion when eventually listed tomorrow by way of introduction, the highest after Dangote Cement, which is slightly over N3 trillion.
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.