MTN Group says it will list Nigerian Stock Exchange (NSE) in the first half of 2019, after recording very positive trade numbers in 2018 fiscal year. The telecommunication giant made this disclosure in a mailed statement seen by TheCable on Thursday, as its results showed a total revenue of 37,971,000,000 South African rand (N965.3bn).
“MTN plans to list by introduction on The Nigerian Stock Exchange during the first half of 2019 and is looking to simplify the capital structure ahead of this listing,” MTN said. “The Company’s listing on the Exchange will create a new telecoms asset class for investors and provide an opportunity for a wider group of Nigerians to participate in our investment story.”
“This will be achieved via a listing by introduction and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, we anticipate that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.” MTN increased its mobile subscriber base in Nigeria by another six million people, bringing its tally to 58 million subscribers nationwide.
Ferdi Moolman CEO, MTN Nigeria said “In 2018 we rebuilt the base; adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services”.
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