MTN Nigeria Communications Plc (MTN) has announced that it has completed its conversion from a private company to a public company (Plc). The conversion to a Plc, according to a statement from the company, is a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on The Nigerian Stock Exchange (NSE).
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.
Speaking on the development, Mr Ferdi Moolman, MTN Nigeria’s Chief Executive Officer said: “Our conversion to a Plc is a major step towards listing by introduction on 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.”
It is recalled in that March this year, 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 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 per cent (excluding the CBN resolution amount).
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 connects to the possibilities that the internet provides.