- MTN Nigeria will list shares on Nigerian Stock Exchange on Thursday by way of an introductory listing.
- The company’s share price is currently placed at N90 per share.
- The price will value the telecoms company at N1.84 trillion (about $5 billion) which will ultimately makes it the largest market by cap on NSE.
In a statement released by its Corporate Affairs on Wednesday, the telco giant said the listing will proceed on Thursday and will be done by way of an introductory listing.
Ferdi Moolman, CEO of MTN Nigeria said, “It gives me great pleasure to confirm that the official listing via the introduction of MTN’s shares on the NSE will take place on Thursday, May 16, 2019.”
“We appreciate the continued support afforded us by the government, regulators and people of this great nation. In particular, I would like to thank the staff and management of MTN Nigeria who worked tirelessly to make this day possible. This is just the beginning, we still intend to pursue a future Public Offer giving more Nigerians greater access to the MTN opportunity.”
Ralph Mupita, MTN Group CFO, 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”
Here are few details about MTN Nigeria listing
According to reports, the company has set the listing price at N90 per share, determined from private over-the-counter share deal by existing shareholders over the past six months.
- 20.4 billion shares will be listed at the Nigerian market on Thursday.
- The price values the telecoms company at N1.84 trillion (about $5 billion) which will ultimately makes it the largest market by cap on NSE.
Here are highlights of its quarterly financial result for Nigerian market:
- Service revenue increased by 13.4%;
- Call Voice revenue increased by 12.7%;
- Data revenue increased by 32.4%;
- Digital revenue decreased by 68.0%;
- Finech revenue increased by 22.9%;
- EBITDA margin increased by 11.5pp to 53.3% (IAS 17: 44.2%);
- Mobile subscribers increased by 2.1 million to 60.3 million.