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MTN Nigeria Receives Approval To List On The Premium Board Of NSE; Listing To Proceed On 16th May

May 15, 2019   •   by   •   Source: Proshare   •   eye-icon 6525 views

Wednesday, May 152019  08:35AM / MTN  Nigeria

 

MTNNigeria Communications Plc (“MTN Nigeria”) is pleased to announce that it hasreceived approval to list on the Premium Board of The Nigerian Stock Exchange(“NSE”).

 

Thelisting is set to proceed on 16 May 2019 and will be done by way of anintroductory listing. The listing by introduction means that the shares ofexisting MTN Nigeria shareholders will be listed without an additional publicsale of shares. From this point, all MTN Nigeria shareholders will be free totrade their shares on the NSE.

 

Commentingon the announcement, Ferdi Moolman, CEO of MTN Nigeria said “It gives me greatpleasure to confirm that the official listing via introduction of MTN’s shareson the NSE will take place on Thursday May 16.”

 

Weappreciate the continued support afforded us by the government, regulators andpeople of this great nation. In particular, I would like to thank the staff andmanagement of MTN Nigeria who worked tirelessly to make this day possible. Thisis just the beginning, we still intend to pursue a future Public Offer givingmore Nigerians greater access to the MTN opportunity.”

 

MTNGroup CFO, Ralph Mupita said " As MTN Group we are very pleased that weare taking this first and important step towards increasing the local ownershipof the company, and building the equity capital markets in Nigeria"

 

MTNNigeria 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% and32.4% rise in voice and data revenue respectively and the addition of 2.1million active mobile subscribers to the network. The company announced Earnings Before Interest, Taxes, Depreciation andAmortization (EBITDA) of N150.4billion and expanded EBITDA margins to 53.3% (44.2%, on an IAS 17basis) due to growth in revenue and effective cost management.



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