By Chiazo Ogbolu
MTN Nigeria Communications (MTN) on Wednesday announced that it had completed its conversion from a private company into a public company.
The Chief Executive Officer of MTN, Mr Ferdi Moolman, said that the conversion to a public company was a legal requirement and key milestone in the preparatory process for MTN’s listing on the Nigerian Stock Exchange (NSE).
According to him, 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.
“It is a re-affirmation 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,” he said in a statement.
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.
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.
“Nigeria is one of the largest markets within MTN’s portfolio and central to its growth strategy”, Moolman said.
“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.