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MTN converts to public company, finalises plans to list on NSE

MTN Nigeria Communications (MTN) yesterday announced it had completed its conversion from a private company into a public company. The conversion to a public company…

MTN Nigeria Communications (MTN) yesterday announced it had completed its conversion from a private company into a public company.

The conversion to a public company is a legal requirement and key milestone in the preparatory process for MTN’s listing on the Nigerian Stock Exchange (NSE), the Chief Executive Officer of the South African telecoms operator, Mr Ferdi Moolman, said in a statement yesterday.

According to Moolman, the MTN’s intended listing on 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.

“Our conversion to a public company is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019’’, he said.

He also said it is a re-affirmation of the company’s 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,” he added in the statement.

Moolman said in March, 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 Amortization (EBITDA) of N453.1 billion and expanded EBITDA margins to 43.6% (excluding the CBN resolution amount).

 

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