MTN Nigeria completes listing, registers 20.3 billion shares

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MTN Nigeria said it has successfully completed the registration of 20.345 billion ordinary shares of 0.02 naira each with the Securities and Exchange Commission (SEC).

The telecoms giant disclosed the completion of the registration after it was listed by introduction on the Nigerian Stock Exchange (NSE).

Speaking on the development, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman, described it as a milestone in the company’s listing process.

Moolman said “I am excited that we have achieved another milestone in our listing process, and we want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process. We have now begun to engage with the NSE to complete the listing process”.

The CEO noted that the company’s listing on NSE would enable new class of investors (particularly Nigerians) to explore investment opportunities in the company.

He said “MTN’s intended listing on NSE would create a telecom asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity. It was a re-affirmation of the company’s long term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them”.

MTN Nigeria has been maintaining a distant top position among other telecoms operators. In 2018, the company added 4.5 million active data subscribers during the year, a feat which delivered data revenue growth of 39.3 percent. The subscribers have expanded to 18.7 million this year and the company currently controls 41 percent of the total market share.

According to Moolman, “Nigeria is one of the largest markets within MTN’s portfolio and central to the company’s growth strategy. The upcoming listing is a key milestone for the MTN Group and is part of its commitment to localisation in the markets in which it operates”.

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