MTN On SEC Books With 20.3bn Shares

By Ikenga Chronicles May 8, 2019

MTN On SEC Books With 20.3bn Shares

Telecommunication giant, MTN Nigeria, are confirmed to have 20.354 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).

In a statement yesterday, MTN said the successful completion of the process had set in motion the next steps in the company’s intended listing by introduction on the Nigerian Stock Exchange (NSE).

Speaking on the announcement, MTN CEO, Ferdi Moolman, said, “I am excited 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 tocomplete the listing process.”

The South African telecoms giant in April announced its conversion from a private company to a public company.

The conversion to a public company is a legal requirement and a key milestone in the preparatory process for MTN’s listing on the NSE, Mr. Moolman, had said in a statement in April.

Moolman said MTN’s intended listing on NSE would create a new telecom asset class for investors and provide a wider group of Nigerians with a chance to participate in the MTN investment opportunity.

He had also said 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.

Moolman had said in March that MTN announced its earnings for the 2018 financial year, recording growth above inflation in full service revenue (17.2 per cent) and the addition of nearly six million new subscribers to the network.

He said the company announced Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of N453.1bn and expanded EBITDA margins to 43.6 per cent (excluding CBN’s resolution amount).

He said the company added 4.5 million active data customers during the year, delivering data revenue growth of 39.3 per cent and expanding to 18.7 million the number of people that it connected to the possibilities that the internet provided.

“Nigeria is one of the largest markets within MTN’s portfolio and central to its 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,” he said.