MTN Nigeria Plans To List On Local Stock Exchange Before June
The MTN Group’s Chief Executive has announced that it expects its Nigerian subsidiary to list on Nigeria’s stock exchange sometime towards April and May.
The Chief Executive of MTN Nigeria, Ferdi Moolman told reporters in Lagos that the listing should be no later than halfway through the year.
MTN had mentioned last week that it aimed to list its Nigerian subsidiary on the Nigerian Stock Exchange sometime before June without having to raise new money from investors immediately.
MTN Nigeria said that it would simplify its capital structure before the listing. The Nigerian telecommunications powerhouse also announced that its subscriber base had grown to 58 million users in 2018.
This means that it is up by 6 million since the previous financial year.
Nigeria is easily MTN’s biggest market, with a record of 52.3 million users in 2017. MTN Nigeria accounts for a third of the company’s total annual core profit but has proven to be quite problematic in recent years.
In December MTN agreed to pay a $53 million payment in order to resolve a dispute in Nigeria. The move ended what had been a four-month multi-billion dollar dividend repatriation scuffle that severely hammered MTN’s share price.
Credit: This article originated from www.nigeriacommunicationsweek.com.ng