Ferdi Moolman, the CEO of MTN Nigeria Communications Plc (MTN) has disclosed that the recent conversion of the company from a private to a public company is in line with its plan to get listed on the Nigerian Stock Exchange (NSE)
According to Moolman, the conversion to a Plc is a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the NSE.
“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange (SEC) in the first half of 2019. It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”
Asides from Nigeria being one of MTN’s largest markets, MTN Nigeria is central to the overall growth strategy of the company.
The upcoming listing is therefore a key milestone for the MTN group and is part of its commitment to localisation in the markets in which it operates.
MTN’s intended listing on the NSE will create a new telecoms asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.
In March this year, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full-service revenue (17.2%) and the addition of nearly 6 million new subscribers to the network.
The company announced Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of N453.1 billion and expanded EBITDA margins to 43.6% (excluding the CBN resolution amount).
The company added 4.5 million active data customers during the year, delivering data revenue growth of 39.3% and expanding to 18.7 million the number of people that it connects to the possibilities that the internet provides.