Just in: MTN Nigeria Ltd now MTN Nigeria Communications Plc
MTN Nigeria Wednesday morning announced that it has completed its conversion from a private company to a public company to be known and addressed as MTN Nigeria Communications Plc.
Business Hilights gathered authoritatively that the conversion to a Plc is a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange (NSE).
Industry pundits had before now, averred that MTN’s intended listing on the NSE will among other things, 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.
Explaining more on the announcement, the MTN CEO, Ferdi Moolman, noted that “Our conversion to a Plc is a major step towards listing by introductionon the Nigerian Stock Exchange 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.”
Recall that in March this year, MTN had 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) ofN453.1 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.
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.
Before now, MTN Nigeria has been Africa’s largest provider of communications services, connecting over 60 million people in communities across the country with each other and the world. Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant, since its launch in 2001.
Besides, MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 200 million subscribers in 21 countries in Africa and the Middle East.
Observers say with the speedy build to the NSE, many Nigerians will avail the opportunity to become proud part owners of the largest telecoms group in Nigeria and West Africa by extension.