MTN Announces Conversion From A Private Company To A PLC

Wednesday, April 24, 2019 / 12:35PM / by MTNNigeria

MTNNigeria Communications Plc (MTN) has announced that it has completed itsconversion from a private company to a public company (Plc). The conversion toa Plc is a legal requirement and key milestone in the preparatory process forMTN’s listing by introduction on The Nigerian Stock Exchange (NSE).

MTN’sintended listing on The NSE will create a new telecoms asset class for investorsand provide a wider group of Nigerians with a chance to participate in the MTNinvestment opportunity.

Speaking on the announcement, the MTN CEO, Ferdi Moolman,commented: “Our conversion to a Plc is a major step towards listing byintroduction on the Nigerian Stock Exchange in the first half of 2019. It is areaffirmation of our long-term commitment to expanding investment opportunitiesfor Nigerians, in addition to providing everyday services to them. We lookforward to continuing our engagement with the SEC and NSE to take forward thelisting process.”

In March this year, MTN announced its earnings for the 2018 financialyear, recording growth above inflation in full service revenue (17.2%) and theaddition of nearly 6 million new subscribers to the network. The companyannounced Earnings BeforeInterest, Taxes, Depreciation and Amortization (EBITDA) of N453.1 billion andexpanded EBITDA margins to 43.6%(excluding the CBN resolution amount). The company added 4.5 million activedata customers during the year, delivering data revenue growth of 39.3% andexpanding to 18.7 million the number of people that it connects to thepossibilities that the internet provides.

Nigeria is one of the largest markets within MTN’s portfolio and centralto its growth strategy. The upcoming listing is a key milestone for theMTN group and is part of its commitment to localisation in the markets in whichit operates.